MicroStrategy’s new Chief Financial Officer, Andrew Kang, said that the company would not change its plan to acquire and hold Bitcoin for the long term. This decision was made amid the ongoing crypto market volatility exacerbated by UST’s de-pegging and LUNA’s downward spiral which dragged BTC down.
Mr. Kang joined MicroStrategy on May 9th after working as CFO for Greensky Inc. He claims that the corporation has no plans to sell its Bitcoin assets and MicroStrategy’s investors are aligned with the bitcoin strategy.
At this time, we do not have any intention to sell. There are no scenarios that I’m aware [in which] we would sell. Our investors are very much aligned with our strategy.
Even if their BTC investment is losing money, MicroStrategy is steadfast in its determination to hold its Bitcoin. CEO Michael Saylor also confirmed that MicroStrategy would not sell any BTC even in the bear market. The company would continue to stand firm on bitcoin.
Some of the recent volatility was undoubtedly attributable to actions outside of bitcoin. MicroStrategy followed this from a market viewpoint, but there wasn’t anything fundamental to bitcoin that posed any threats to their approach.
MicroStrategy said on March 31st that it had acquired 129,218 bitcoin at an average price of $30,700.
At the time of writing, bitcoin’s price was hovering around $30,100; therefore, MicroStrategy’s Bitcoins are worth around $3.889 billion compared to the $3,966 million paid to acquire them. This indicates that the corporation is in the red by around $77.53 million.
It’s worth mentioning that May 22nd is the infamous Bitcoin Pizza Day. On the same day, 13 years ago, a programmer from Florida named Laszlo Hanyecz purchased two pizzas for 10,000 BTC, worth around $41. This transaction marks the first documented adoption of bitcoin.
Michael Saylor tweeted about Bitcoin Pizza’s anniversary and the disappearance of Satoshi Nakamoto on December 13th, 2010. He said that Bitcoin was founded on January 3rd, 2009, but operated without economic value for 504 days until May 22nd, 2010 (“Pizza Day”), when two pizzas exchanged hands for 10,000 BTC.
On Jan 3, 2009 #Bitcoin was born, operating without economic value for 504 days until May 22, 2010 (“Pizza Day”) when two pizzas traded for 10,000 BTC. Satoshi disappeared Dec 13, 2010 without profiting in any way, completing the ethical launch of the world’s first digital money.
— Michael Saylor⚡️ (@saylor) May 22, 2022
Satoshi vanished without profit on December 13th, 2010, completing the ethical launch of the world’s first digital currency.