Michael Saylor, CEO of MicroStrategy, has said that all the $400 million Bitcoin reserve holdings of the firm can be liquidated any time now. He made this statement in an interview on September 22 with Bloomberg. In the interview, he said that volatility of the market could not be seen as a reason to sell the holdings. Saylor has also mentioned that he would easily dump 38,250 Bitcoins of the firm if required.
It cannot be ignored that if such a huge amount of Bitcoins will be sold then there will be a huge price drop. This has happened a lot of times when someone sells their Bitcoins in such huge numbers. During the time, when MicroStrategy acquired Bitcoin, it was done in 78,338 off-chain transactions. In this regard Saylor claims that offloading these Bitcoins will be a much simpler task than acquiring them.
Saylor said, “If I needed to liquidate $200 million of Bitcoin, I believe I could do it on a Saturday.” Back in the previous month on August 11, the firm had announced that they had purchased Bitcoin worth $250 million. After this initial investment, the firm has additionally purchased Bitcoins worth $175 million. With this purchase, the firm has made cryptocurrency as its primary reserve asset.
Currently MicroStrategy is having Bitcoins worth around $401.5 million. This is because there has been a 6% drop since the time when Bitcoins were purchased. MicrosStrategy’s involvement in Bitcoin is not something surprising because Saylor has been talking about Bitcoin since 2013. In this recent interview, he has mentioned that they are quite confident that Bitcoin is very less risky as compared to the risks associated with holding cash. Along with this, he mentioned that in the coming six months, a lot of companies will be seen investing in Bitcoin.