https://ift.tt/3Al10Wb Not Selling its $5B Bitcoin Stash, Says CEO Michael Saylor

Michael Saylor, the CEO of the leading publicly traded business intelligence and software company MicroStrategy, revealed that the company is not selling its Bitcoin stash.

When questioned if he is tempted to sell the crypto assets in the company’s storage, he said,

“Never. No. We’re not sellers. We’re only acquiring and holding Bitcoin, right? That’s our strategy.” 

The company’s determination to follow the popular crypto mantra to hodl, or hold on for dear life is quite noteworthy because, despite the recent bitcoin slump where the asset went from nearly $69,000 in November last year to less than $40,000 this January, Michael Saylor never wavered in his stance. 

In fact, when bitcoin experienced the 40% slide, Saylor mentioned that he was not afraid, instead, he found it to be a source of “great comfort,” considering the rising inflation in fiat currencies.

He said:

“The best defense against inflation is a Bitcoin standard. So I don’t really think we could do anything better to position our company in an inflationary environment than to convert our balance sheet to Bitcoin.”

MicroStrategy’s CEO and founder is a strong proponent of the world’s largest cryptocurrency. 

Late last year, during an interview with the Squawk On The Street show presenter, he called bitcoin a “hard asset” whose value will continue to go up due to its ability to withstand several major events that have negatively affected it, like China’s crackdown on crypto mining.

The software company started its bitcoin journey in 2020, with a purchase of 21,454 Bitcoins, which was worth about $250 million, including fees and other expenses.

According to Saylor, the decision to buy bitcoin was due to slowing cash flow growth relative to the U.S. money supply. Since then, the company has continuously spent millions on the purchase of the cryptocurrency.

Its latest purchase of 1,434 BTC for approximately $82.4 million pushed the value of the company’s bitcoin holding to above $5 billion, making MicroStrategy, the largest corporate holder of bitcoin.

Saylor’s stance to hodl and never to sell the company’s bitcoin stash remains although the market value of the stash exceeds the market value of the company.