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MicroStrategy CFO doubles up on Michael Saylor’s decision

20 May 2022 : 13:21
2 min read
  • New CFO of MicroStrategy said that the firm would not sell any Bitcoin
  • CEO Michael Saylor believes that BTC will be worth millions in the future
  • The CFO said that there is no pressure from shareholders to sell any BTC

MicroStrategy, one of the largest backs of Bitcoin, has started to lose money on its bullish bet on the world’s biggest cryptocurrency. However, the firm’s new chief financial officer said that it wouldn’t sell any BTC despite the market being bearish on Wednesday. On the other hand, Michael Saylor, the firm’s CEO, predicted that Bitcoin would go into millions. 

MicroStrategy is way bullish on Bitcoin

MicroStrategy Inc.’s new CFO, Andrew Kang, said that the firm’s decision to buy and hold an enormous number of BTC for the long term wouldn’t change even if the market remains in a sell-off phase, as per WSJ.

“At this time, we do not have any intention to sell,” said Kang, just days after joining the company. “There are no scenarios that I’m aware [in which] we would sell.”

Kang also added that there is no pressure from shareholders to sell Bitcoin holdings, adding that the “investors are very much aligned with our [MicroStrategy’s] strategy.”

On the other hand, the CEO of MicroStrategy, Michael Saylor, gave an interview to Yahoo Finance Live on Thursday wherein he said that Bitcoin has a bright future. 

“There’s no price target,” Saylor said. “I expect we’ll be buying bitcoin at the local top forever. And I expect bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money.”

Saylor also said that following the crash of UST, regulators will rain down heavily on stablecoins, and BTC will come out to be the victor.

Alleviation of fear in the market

As Bitcoin continues back and forth movement, unable to push above $31,000, MicroStrategy still stands with the world’s biggest cryptocurrency. Recently, the firm even took a loan of $205 million to buy Bitcoin. Saylor added that this loan requires $410M as collateral and that the firm has 115,109 BTC that it can pledge for the same. The firm currently holds 129,218 BTC.


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