MicroStrategy CEO Denies Accusations of Secretly Dumping Off Bitcoin Stash

Pro-Bitcoin CEO Saylor

April 24, 2022

Reading Time: 2 minutes

Earlier this week, the internet broke with the news that their favourite pro-Bitcoin CEO Michael Saylor may be secretly dumping off his Bitcoin holding. Today, the CEO has strongly denied the allegations, claiming he is still bullish as ever.

MicroStrategy Cannot Quietly Sell Bitcoin Because of its Reporting Obligations to SEC.

Taking to Twitter, Saylor explained that since pro-Bitcoin firm MicroStrategy is regulated by SEC, he is obligated to disclose any changes in Bitcoin to the shareholders through SEC filings. The MicroStrategy CEO continued that SEC records are publicly available to everyone. Therefore, it is not pragmatic to “secretly sell” MicroStrategy’s Bitcoin stash per the critic’s accusations.

The rumour of MicroStrategy selling Bitcoin came up previously based on a Bitcoin wallet with a huge stash. Bitcoin.com News clarified that the wallet was unlikely to belong to MicroStrategy. It more looked like it belonged to a crypto exchange.

Despite the facts, some portion of the public took Mr Whale’s accusations and ran with them. His comparison of the Bitcoin bubble to the dot.com bubble especially convinced people of the possibility of them being frauded.

MicroStrategy’s Bullish Position on Bitcoin

For the last two years, pro-Bitcoin CEO Saylor has been adamant about his support of the leading cryptocurrency by market cap, Bitcoin. He has said he will not sell it even for the next 100 years. In December, Saylor boldly proclaimed that he believed the price of Bitcoin would reach $6 million. In February this year, the MicroStrategy CEO noted that the institutional adoption of Bitcoin had heightened.

Pro-Bitcoin firm MicroStrategy’s recent acquisition was earlier this month. The company spent $200 million on more of the leading altcoin and reached its total holding of 129,218 BTC. MicroStrategy further went and obtained a bitcoin-backed loan to buy additional coins.

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