cryptocurrency

MicroStrategy and BTC CEO Fan Saylor Resigns

Michael Saylor – Bitcoin bull and CEO of software giant MicroStrategy – It has been announced that He is leaving his position as CEO of the company that has finally made institutional investing in digital currency a fad.

Michael Saylor is no longer CEO of MicroStrategy

Saylor has long been a Bitcoin fanatic, claiming in the past that it will be the future of finance. Unfortunately, he made several monetary decisions related to bitcoin that put his company at risk. At the time of writing, with BTC failing to recover from its summer losses at a steady pace, MicroStrategy has lost over $1 billion thanks to its continued investment in bitcoin. Many of these investments were made by or on the advice of Saylor.

Saylor has been heading MicroStrategy since 1989. With more than 30 years of joint history with the company, he’s probably feeling some pain about having to step down, although he won’t end his relationship with the company completely. His position will be split into two separate positions, and instead Saylor will be the company’s new “CEO”.

At the time of this news release, none of MicroStrategy’s representatives are out to say that the departure has anything to do with Saylor’s decisions regarding bitcoin. Saylor also explained in a statement:

I believe that dividing the roles between the Chairman and CEO will enable us to better pursue our corporate strategy to acquire and hold bitcoin and grow our enterprise analytics software business. As CEO, I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong [Le] He will be delegated as CEO to manage the company’s overall operations.

Despite being a hardcore software company, MicroStrategy eventually lost its place in the business intelligence world and became something of a speculative tool in the cryptocurrency world due to the amount of assets that were added to its balance sheet. MicroStrategy first bought bitcoin in August of 2020, about two years ago. More than $200 million of the asset was purchased, and another $150 million purchase immediately followed, meaning that by the end of that month, MicroStrategy had owned nearly half a billion BTC.

At first, things worked

A month later, the price of Bitcoin plummeted, and while most companies would have thrown in the towel and sold assets at a loss, MicroStrategy did just the opposite. It continued its bitcoin purchases, a move that ultimately proved fruitful the following month when PayPal announced that it would allow customers to buy and hold digital currencies on its platform.

This caused the price of Bitcoin to skyrocket practically overnight, and suddenly MicroStrategy went from being in trouble to being a very wealthy company and one of the biggest BTC loyalists.

Tags: bitcoin, Michael Saylor, MicroStrategy

#MicroStrategy #BTC #CEO #Fan #Saylor #Resigns

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