Eric Balchunas, Bloomberg’s leading ETF analyst, is confident that Michael Saylor, the executive chairman and co-founder of business intelligence firm Strategy, will not sell Bitcoin holdings.
Saylor has repeatedly stated that the company would not sell its Bitcoin holdings despite sitting on enormous paper profits earlier this year amid Bitcoin’s massive surge above the $100,000 level. In fact, he previously claimed that the community would “never forgive” the company if it made such a move.
However, there are some concerns that Saylor might indeed sell its Bitcoin holdings despite Saylor’s reassurances. As reported by Quartz, a recent regulatory filing shows that the company would need to sell its Bitcoin holdings in order to meet its financial obligations.
Moreover, according to Balchunas, ETF investors also have much stronger hands than most think.
These factors should increase the cryptocurrency’s price stability, and this is supposed to explain why Bitcoin is still hovering above $80,000 despite the stock market sell-off. The “strong hands” should also lower the volatility of the leading cryptocurrency.
Source: https://u.today/bloomberg-saylor-isnt-selling