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Wednesday, August 17, 2022

Michael Saylor: Bitcoin maximalist, called a “clown” when…

Probably the biggest Bitcoin fan is giving up the executive chair at the software company Micro Strategy to devote himself entirely to the company’s Bitcoin strategy. Why that was good for the stock and why Bitcoin isn’t bad either.

Michael Saylor is considered an absolute star in the Bitcoin scene. His software company Micro Strategy holds almost 130,000 Bitcoin (2.9 billion euros), making it one of the biggest Bitcoin whales ever.
Saylor’s pithy sayings are printed on T-shirts, such as “It’s going up forever, Laura, forever.” That’s what he said to crypto journalist Laura Shin when asked if MicroStrategy would ever part with his Bitcoin. Shin talks like a crypto investor who is out to make more dollars, Saylor said. But Bitcoin is superior to the dollar. He will therefore never exchange it back for dollars. With this attitude, Saylor is an idol for all Bitcoin maximalists, people who believe that the world only needs one currency: Bitcoin.

When the news broke last week that Saylor was giving up the executive chair at Micro Strategy and retiring to the board of directors, many Bitcoin fans were briefly shocked. Is even Saylor throwing his nerves off now? Does Micro Strategy even sell its Bitcoin? The bitcoin fans still had that in their bones Tesla had sold three quarters of its bitcoin holdings. That was 32,000 units, and their sale is likely to have contributed a good deal to the price decline in recent months.

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