Michael Saylor, CEO of MicroStrategy, directly addressed concerns that he will ditch Bitcoin at the first opportunity.
In one Tweet Saylor, who was sent yesterday, tried to reassure the bitcoin community by saying he was in the long run.
There is no truth about the stories currently circulating that speculate, "He would not hesitate to dispose of MicroStrategy's 38,250 Bitcoin (BTC) immediately if the returns on an alternative asset increased." This is creative journalism.
– Michael Saylor (@michael_saylor) 23 September 2020
Saylor responded to a Bloomberg articlewho have also cited other publications claiming he would drop his BTC holdings if bond yields jumped.
"Even so, Saylor said he is not a die-hard crypto. For example, if bond yields rise, he does not hesitate to dump the cryptocurrency even though he has no immediate sales plans."
The article also contained a number of excerpts depicting a degree of indifference to this action.
"We can liquidate it any day of the week, any time of the day."
“If I had to liquidate $ 200 million Bitcoin, I could do it on a Saturday. If I did a haircut it would be 2% in my opinion. "
In response, Saylor beat up those covering the story, claiming they had deliberately misled the public.
MicroStrategy Blazes Trail as the first publicly traded company to hold Bitcoin
Last month, Saylor made headlines when he announced that his firm MicroStrategy had revised its treasury policy to include Bitcoin purchases.
To date, MicroStrategy has acquired 38,250 Bitcoin using the company's cash reserves for a total purchase price of $ 425 million.
MicroStrategy was the first public company to introduce such a policy. Many believe this will lead to a cascade of other companies following suit.
What's more @ $ 100 trillion pointed out that a government ban on Bitcoin is even less likely to follow.
Most people think a government ban is the greatest risk to Bitcoin. Do you really think governments will fuel the stock markets now that MicroStrategy has a third of its market cap for Bitcoin? The risk of a ban diminishes as more publicly traded companies follow MSTR. pic.twitter.com/xEg0EDOgYA
– PlanB (@ 100 trillion USD) September 16, 2020
Even so, this is a strategy that continues to divide opinion, especially at a time when Bitcoin and the broader crypto markets are deep in the red. Saylor explained his actions by saying that cash is no longer king.
Saylor spoke to Anthony Pompliano about why he turned to Bitcoin and talked about the impending inflation for which holding cash makes little sense in these times.
"First I have a mega, mega, mega problem, and the problem is that I have a lot of money and I see it melting … (with investors) They are smarter than me, I'm not joking, I'm serious, they are smarter than me. They knew before I knew cash was rubbish and you're a fool to sit on money. "
(embed) https://www.youtube.com/watch?v=DR8v_Dkd8Os (/ embed)
Saylor delved deeper and admitted that he had previously discounted Bitcoin. But the events of the past few months have turned everything upside down. This forced him to rethink it along with other strategies for maintaining prosperity.
After looking at commercial real estate, tech stocks, and precious metals as inflation hedges, Saylor turned to Bitcoin because he believes this is the best way to solve the problems that arise during these test periods.
Bitcoin daily chart YTD with volume. (Source: BTCUSDT on TradingView.com)