In a recent interview, MicroStrategy’s newest CFO affirmed that the business will not sell its bitcoin and has received no pressure from stakeholders to do so.
Andrew Kang, MicroStrategy’s new CFO, affirms that the company’s bitcoin approach would not change.
Kang anticipates stricter controls in the aftermath of the current upheaval in the cryptocurrency markets.
The SEC’s head, Gary Gensler, believes that many tokens other than bitcoin will fail.
According to a recent interview with the Wall Street Journal and the company’s newly recruited CFO, Andrew Kang, MicroStrategy’s buy and hold bitcoin strategy will not change despite the current selloff.
“At this point, we have no plans to sell,” Kang told the Wall Street Journal. “I’m not aware of any circumstances that would need us to sell.” Kang went on to say that no stakeholders have pressured MicroStrategy to sell, demonstrating investor faith in the firm and its bitcoin strategy. While Kang stated that the business regularly follows bitcoin pricing, he declined to speculate on prospective bitcoin purchases.”
It’s likely that some of the recent volatility was related to actions outside of bitcoin,” Kang added. “From a market viewpoint, we monitor it, but there is nothing fundamental about bitcoin that we believe poses a threat to our strategy.”
Kang went on to say that the current volatility in the market as a whole will almost certainly lead to additional regulation of the larger cryptocurrency industry, which MicroStrategy supports. The Securities and Exchange Commission (SEC) recently announced a tripling of employment for the Crypto Assets and Cyber branch, echoing this view.
“I predict a lot of these tokens will fail,” SEC Chair Gary Gensler told the Wall Street Journal after a recent House Appropriations Committee hearing. “I think that with crypto…a lot of individuals will be injured, which will erode some of the faith in markets and trust in markets in general.”