Michael Saylor Reaffirms Bitcoin Mantra
Michael Saylor, Chairman of Strategy, took to social media to reaffirm his famous mantra of ‘never sell your Bitcoin’ in light of recent critiques, especially from prominent Bitcoin skeptic Peter Schiff. This declaration comes at a time when the cryptocurrency market has faced significant turbulence, leading to doubts among many investors about their long-term strategies regarding Bitcoin.
Recent Company Actions
Saylor’s previous proclamations have vehemently advised Bitcoin holders against parting with their assets. However, the context of his latest comments is particularly relevant given Strategy’s recent initiative to monetize portions of its Bitcoin holdings. In June, the company’s Board of Directors approved a plan allowing for occasional Bitcoin sales to support its USD reserves and cover expenses like preferred stock dividends and interest payments.
Last week, Strategy executed a sale of 1,638 Bitcoin, accruing approximately $104.73 million, while simultaneously generating an additional $290.6 million through the sale of common stock. Despite these transactions, Saylor highlighted that the firm’s Bitcoin stash now stands at 842,138 BTC and that their USD reserves increased by $250 million, now totaling $4 billion.
Personal Investment Philosophy
Addressing his personal investment philosophy, Saylor reassured followers that his own Bitcoin holdings remain intact, stating,
“When I say ‘Never Sell Your Bitcoin,’ I speak as one saver to another. I have never sold mine. Not one satoshi.”
He emphasized the distinction between individual investment strategies and company obligations, asserting that Strategy had been transparent about potential buying and selling of Bitcoin since 2020.
Critique from Peter Schiff
However, Peter Schiff was quick to challenge Saylor’s narrative, questioning the clarity of his previous statements. On the social platform X, Schiff claimed,
“Yes, but you knew the impression you were creating, and you never bothered to clarify it.”
thereby continuing his critique of Saylor’s handling of the Bitcoin message.
