Michael Saylor steps down as MicroStrategy’s CEO; What’s next?
Mr. Saylor is mentioned almost every time bitcoin is discussed. He’s such a maximalist! And a prominent one, of course. Yeah; nowhere near Satoshi, but if you wish to know who bought some of the bitcoin you dumped…that’s your best bet. Under his tutelage, MicroStrategy has accumulated over 129,000 bitcoins. The American Business solution company co-founded by Mr. Saylor himself is more popular for their bitcoin purchases than their actual business. Having built their bitcoin stash at an average of $30,000, this particular investment isn’t really going great…for now.
But yeah, you might want to learn about Michael’s favourite arithmetic. If you read that, then you’d rest assured that the man will still be on the lookout for the next time you hit the Sell button on your bitcoin. Well, not sure this still works the way it used to. Following Michael Saylor’s decision to relinquish his role as the CEO of MicroStrategy to his deputy — Phong Le after 33years in charge of the company, there are surely going to be a few changes. Of what relevance to bitcoin? Certainly your biggest concern. Bitcoin trades below $24,000 at the time of this writing, MicroStrategy is running a $5,000 (at least) loss for each bitcoin in their custody. Several reports affirm that Mr. Saylor didn’t step down due to this. But one thing is for sure; his decision has a connection with bitcoin…
Since encountering bitcoin and his MicroStrategy’s first bitcoin purchase about two years ago, Michael Saylor has intensified his bitcoin acquisition and evangelism exercise. His spry commitment to the electronic payment solution hasn’t faded a bit. Following his exit as the Chief Executive Officer, he takes up the role of the firm’s Executive Chairman. As Chairman, Saylor will focus on the firm’s bitcoin acquisition project among other new tasks as part of his role.
Even if you don’t fancy Saylor’s maximalism and frequency of trashing every other cryptocurrency. The billionaire businessman might not have dipped some funds on your favourite altcoin, but he saved the crypto space a couple of times. That’s enough to love the man…in my opinion. MicroStrategy might be well on its way to becoming one of the richest companies on earth if they still hold on to their bitcoin stash when one bitcoin is valued at $1 million. While that is certainly going to be a long wait, the possibility is there. Regardless, Michael’s decision to buy bitcoin at every price since 2020 isn’t paying off for now. 1Bitcoin=1Bitcoin though. That’s totally wrong when your loss runs in hundreds of millions.
It’s almost impossible to predict Saylor’s intent, bitcoiners are generally hard to predict. If he reminisced about his bitcoin purchase decisions and felt some moves were ‘impulsive’, then he is right. And if he stepped down to fix this, there will be tangible changes in MicroStrategy’s bitcoin dealings.
MicroStrategy purchased 480 bitcoins on June 20222 for $10 million; their smallest single purchase since buying 229 bitcoins for the same amount in May 2021. It is relatively the longest time they waited before making a purchase. Not enough stats. to make a definitive assertion, but if it means anything, it simply is a tangible change in the normal acquisition pattern. Popular rumor suggests the company had sold 8,000 of the bitcoins in their custody. This doesn’t have any reliable backing, anyways.
Change of strategy, a halt in the purchase? It is unlikely that Saylor will stop scooping bitcoins, but there are possibilities of tweaks, including slower and more carefully planned purchases. Mike might be killing his FOMO as you read this. The man had previously said he ‘doesn’t’ sell bitcoin, but some trading activities could be part of his new strategy. Take profit at peaks, buy back at dips. Might work, but comes with new risks.
What’s next? MicroStrategy’s bitcoin stash is one of the biggest ownerships by a single entity, the company itself is one of bitcoin’s biggest customers. The price action they trigger might not be so obvious, but it is tangible. What Michael comes up with as a strategy could move the space. Most importantly, I hope it saves their wallet…