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In a recent post, Strategy Chairman Michael Saylor clarified his well-known "never sell your Bitcoin" stance, which attracted attention from various quarters, including cryptocurrency critic Peter Schiff.
In the past, Saylor, a Bitcoin bull and advocate, has often reiterated to Bitcoin holders never to sell their coins. Now, amid a continued cryptocurrency market selloff that has shaken the conviction of many, some are questioning this viewpoint.
The clarification also becomes essential after Strategy authorized a BTC monetization program under which the company may sell BTC from time to time.
In June, Strategy announced that its Board of Directors had authorized a BTC Monetization Program under which the company may sell BTC from time to time to fund its USD Reserve and additionally fund preferred stock dividends and interest expenses.
In line with this, Strategy raised $104.73 million last week with the sale of 1,638 Bitcoin and raised an additional $290.6 million through the sale of common stock. The Bitcoin sales reduced Strategy's holdings to 842,138 BTC and increased its USD reserve by $250 million, taking the total USD reserve to $4 billion.
Not a Satoshi
In his X post, Saylor stated that his personal Bitcoin holdings remain untouched. "When I say 'Never Sell Your Bitcoin,' I speak as one saver to another. I have never sold mine. Not one satoshi," he said.
Saylor went on to differentiate his personal investment stance from Strategy's corporate responsibilities, pointing out that the company has disclosed since 2020 that it may buy or sell BTC to manage capital, but the shared conviction in Bitcoin remains unchanged.
"Strategy is a public company, not my wallet. Since 2020, it has disclosed it may buy or sell BTC to manage capital. Our shared conviction in Bitcoin remains unchanged," he wrote.
Longtime Bitcoin skeptic Peter Schiff was unconvinced by Saylor's explanation. Responding on X, Schiff claimed that Saylor's messages of "never sell your Bitcoin" created a different impression that went unclarified.
"Yes," Schiff said, agreeing in part with Saylor's claim, "but you knew the impression you were creating, and you never bothered to clarify it," Schiff stated, reinforcing his continued criticism of Saylor and Strategy.
U.Today Editorial Team
Dan Burgin
