The cryptocurrency market has gone upside-down in the last few years. This downfall has confined the market into new threads of survival instincts. Especially firms transacting in the Bitcoin and Ether currencies. Bitcoin has declined about 66.54%, since its all time high of $68,789.63 in Nov 2021.
Effecting ‘N’ number of companies in the crypto ecosystem, the CryptoWinters have targeted one more crypto American Conglomerate – MicroStrategy. CEO Michael Saylor of MicroStrategy has put down his papers for the betterment of the business strategy. Michael Saylor has decided to progress his role as the Chair in the company. Since the launch of the company, Saylor has effectively played a trump card in the company as a Chief Executive Officer.
Michael Saylor Steps Down as The CEO
According to the reports from our closest sources, MicroStrategy stock price was down by approximately 48% this year. This could be a side-effect of a critical downpour in the Bitcoin Market cap ( from 2.23 Trillion USD to 1.05 Trillion USD). Mr. Saylor in a press release seemed optimistic when he said, “ I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business. As Executive Chairman I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations,”.
It seems to be an optimistic move from the company CEO for a better future of the organization. This will surely allow the company leaders to focus on two different enterprise strategies – one on the software development business and other on the Bitcoin and the crypto market.
The Financial Strategizing
The company, as an entity, has invested more than 4 Billion USD acquiring bitcoin at a price of 30,700 USD. Microstrategy decided to take the next step to normalize bitcoin-backed finance when he borrowed 200 Million USD to buy cryptocurrency.
Saylor in an interview back in April 2022 said, “ We have $5 billion in collateral. We borrowed $200 million. So I’m not telling people to go out and take a highly leveraged loan. What I am doing, I think, is doing my best to lead the way and to normalize the bitcoin-backed financing industry,”.
Source: https://www.thecoinrepublic.com/2022/08/03/microstrategy-ceo-michael-saylor-steps-down-pumping-bitcoin-strategies/