Michael Saylor clears rumors about him selling Bitcoins secretly. Recently, there has been gossip that Saylor has been quietly selling his BTC holdings. While many proposed this was not the case, Twitter was still filled with people criticizing Saylor for the same. However, it didn’t take long for this to come to Micahel’s notice. He tweeted that Microstrategy is regulated by the SEC, and therefore they would need to disclose Bitcoin sales in SEC filings.
Not sure who needs to know this, but when $MSTR makes any material change to its corporate strategy (to acquire & #hodl bitcoin) or to its #bitcoin holdings, we disclose this to our shareholders via @SECGov filings, available to all.
Why could Michael selling Bitcoins be a big disaster?
If you talk about the pinnacle of belief in Bitcoin, Micahel embodies it. He has talked about the importance and bright future of BTC time and again while defending it from critics. Michael has also circulated the idea that one doesn’t need to sell their BTC ever. He never plans to do it and will continue to hold no matter what. His optimism has inspired many investors and has instilled faith in the market even during the tough times.
MicroStrategy is also one of the largest Bitcoin holders, with 129,218 Bitcoins in its treasury. So, if they start to sell, the pressure and the negative sentiment are going to affect BTC dramatically. Am I saying it would be the end of Bitcoin? No! But is there a chance we will see a long consolidation period? Yes!
However, now we know that the rumor is false, as suggested by Michael’s tweet. You can check it for yourself as well. The address in question, which was the start of the rumor, was also not owned by the company and probably belonged to an exchange. So, for hodlers, there is nothing to worry about.
What if Microstrategy needs cash? Won’t they sell their Bitcoins then?
Recently, the company acquired a $200 million loan from the Silvergate bank by keeping their Bitcoins as collateral. So, if the need arises in the future, they can get more such loans considering they have over $5 billion in Bitcoin. There are also a lot of other ways to raise cash which makes me trust that the need to sell their Bitcoin won’t ever be that high. Plus, they are already in profits as their average buy price is near $30k, which makes it easier for them to stick to an investment from a corporate point of view.
What are your thoughts as Michael Saylor clears rumors about him selling Bitcoins secretly? And did you even believe the rumor in the first place? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.