Andrew Kang, chief financial officer (CFO) of MicroStrategy, has signaled that the firm will not back down from its Bitcoin investment plans. Despite the correction of it. He even pointed out that investors are aligned with the company’s decision.
Currently, Andrew Kang, with a Bachelor of Arts in Biology and a postgraduate degree in Accounting, has served at MicroStrategy as senior executive vice president and CFO since May 2022. Prior to joining MicroStrategy, Andrew Kang served as executive vice president and CFO of Greensky, Inc. Prior to Greensky, Kang served as Corporate Treasurer of Santander Holdings USA.
Now, Bitcoin and other cryptocurrencies have collapsed this month. In part, due to investors’ concerns about high inflation and the collapse of the TerraUSD Stablecoin.
«Some of the more recent volatility was certainly due to some activity outside of Bitcoin. For us, we monitor that from a market perspective. But there is nothing fundamental in Bitcoin that we believe presents any problem against our strategy».
Andrew Kang
Importantly, MicroStrategy, headquartered in Tysons Corner, Va. It is among several companies with substantial holdings in Bitcoin. To date, the company has purchased 129,218 Bitcoin.
Andrew Kang won’t change Bitcoin plans
Specifically, Andrew Kang said in an interview with the Wall Street Journal that the company’s strategy of buying and holding Bitcoin for the long term is not changed despite the current crypto market volatility. Which has affected the value of the company’s shares.
In fact, Andrew Kang went on to state that MicroStrategy had not felt pressured by any of the stakeholders to sell. Which shows a clear alignment of investors in the company and its Bitcoin strategy.
«At this time, we have no intention of selling. There are no scenarios that I know of where we would sell. Our investors are very aligned with our strategy».
As a fun fact, Andrew Kang said that he was not willing to comment on future Bitcoin purchases.
In addition, the CFO of MicroStrategy predicted that the recent volatility of the crypto market could result in a new regulation of cryptocurrency markets.
In any case, Michael Saylor, CEO of MicroStrategy, continues to publicly praise the virtues of Bitcoin.
BTC will be worth millions
Indeed, this has also been repeated by Michael Saylor, who took to Twitter to ensure to investors that MicroStrategy will not get rid of anything from your Bitcoin, even through the bear market. Adding that the firm continues to support Bitcoin.
«I hope that we will buy Bitcoin at the local peak forever. And I hope Bitcoin will reach the millions. So we are very patient. We believe this is the future of money».
I take my leave with this quote from Michael Saylor: “In a global bear market, there is no place to hide, but there is a place to stand».
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