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MicroStrategy: Saylor Steps Down - What Does It Mean for Bitcoin?

 


Michael Saylor will soon no longer be the CEO of MicroStrategy. On August 8th he will vacate his post for his successor Phong Le. However, Saylor will remain with the company as chairman and thus continue to exert influence.


In a press release , the decision was communicated as necessary and in particular the separation of roles was emphasized, which was an important and correct step for the company. At the same time, the business figures for the last quarter were also announced and they look anything but rosy. The company has lost around $917 million in value. This is due to the massive bitcoin reserve held by MicroStrategy.


In total, they bought 129,699 BTC at an average price of $30,664 per bitcoin. Nevertheless, it was emphasized that Bitcoin would be held in the long term and that the volatility would have been expected. The company is able to cope well with fluctuations in the market and is becoming more attractive overall as a result of the volatility.


Fear of changing direction

While the company is presenting the whole issue positively, there are concerns that MicroStrategy will pave the way for sales by making the switch. So far, people have only bought more and there were no sales in the last quarter either.


To date, the company holds the largest Bitcoin reserve in the world if you do not take stocks on the stock exchange into account. Saylor hit the course in 2020 and didn't sell to its all-time high in November 2021, nor to cut losses this year.


There is therefore a good chance that you will remain steadfast and actually drag the reserve through the valley of tears. Here it should be decisive how the rest of the business develops and what lows Bitcoin may reach in the future. However, there is no need to panic because Saylor presented figures at the beginning of the bear market and made it clear that they had enough financial reserves to hold out. The company would therefore only have difficulties if the Bitcoin price slipped below $ 3,562.  

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