MicroStrategy CEO Denies Firm Selling Bitcoin Holdings Amid Rumors

• A public firm must register all transactions with the SEC.
• Institutional investors look to the firm to open doors to investing in Bitcoin.

CEO Michael Saylor of Microstrategy has denied reports that the business is covertly selling its Bitcoin holdings. A public firm must register all transactions with the Securities and Exchange Commission (SEC) because of its status, said Saylor in a tweet from his Twitter account.

Microstrategy has been rumored to be selling its Bitcoins after an address described as “1P5ZED” was used to transfer a large quantity of the currency. Analysts and cryptocurrency aficionados believe the whale was either Microstrategy or an exchange. According to his tweet, any sale of Bitcoin will be announced to shareholders via a tweet from Saylor. Remarkably, Saylor has insisted that the company never sell its Bitcoin holdings.

Optimistic About its Future

To lead the institutional investment in Bitcoin, Saylor has emerged as a significant proponent of cryptocurrency. Although the asset has been volatile, Saylor is still optimistic about its future. Bitcoin investment will continue, according to Saylor, since the corporation believes that mass acceptance is inevitable. However, due to the company’s excessive volatility, the SEC advised that it revise its disclosure in future filings.

Institutional investors look to the firm to open doors to investing in Bitcoin, and the company is working to create new ways to generate income from the currency. Recently, Microstrategy has spent an extra $200 million to purchase Bitcoin. In addition, a loan secured by Bitcoin was used to pay for the coins. Saylor is optimistic about Bitcoin because he believes that the cryptocurrency may help fix some of the inefficiencies in the conventional banking industry that are causing him concern right now.