MicroStrategy will not sell its bitcoins despite price dip, says CEO
Bitcoin has lost more than 50% of its value over the past two months, but MicroStrategy's CEO said the company doesn't intend to sell its BTC stash.
MicroStrategy CEO Michael Saylor has revealed that the company doesn't intend to sell its Bitcoin stash even if the price crashes. He made this known following Bitcoin's massive losses over the past few days.
Saylor revealed the company's plans during a recent interview with Bloomberg. According to Saylor, the company intends to buy more bitcoins over the coming months and years. He said;
"Never. No. We're not sellers. We're only acquiring and holding bitcoin, right? That's our strategy."
Bitcoin reached an all-time high of $69,000 in November 2021. However, it is now trading around $35k per coin, down by more than 50% in the last two months. Saylor still believes that Bitcoin is the best hedge against inflation. He stated that;
"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 into bitcoin."
MicroStrategy became the first publicly-listed company in the United States to hold bitcoins in its balance sheet after acquiring them in 2020. Since then, the company has spent more than $3 billion in acquiring bitcoins.
The broader cryptocurrency market has been underperforming in recent months. The total cryptocurrency market cap reached an all-time high of $3 trillion in November when BTC and ETH all reached their respective all-time highs.
However, the market has lost more than $1.3 trillion since then, with the leading cryptocurrencies losing more than 40% of their values in the past three months.
Despite the recent price crash, some experts like Saylor still believe that the market will turn things around soon and rally over the coming months.