Kang believes that nothing fundamental about the pioneering cryptocurrency poses any problem for their investment strategy of MicroStrategy. The executive stated that the stakeholders had not put the firm under pressure to sell, thus aligning with the Bitcoin strategy.
Andrew Kang, Chief Financial Officer (CFO) of MicroStrategy, confirmed that the firm would go ahead with its plan to buy Bitcoin. He even pointed out that investors agree with their decision despite the correction in the price.
Kang currently holds a Bachelor of Arts in Biology and a Postgraduate Degree in Accounting. He has worked at MicroStrategy as Senior Executive Vice President and CFO since May 2022. Before joining MicroStrategy, he served as Corporate Treasurer for Santander Holdings USA and Executive Vice President and CFO of Greensky.
Bitcoin and other cryptocurrencies have plummeted over the last month due to investor concerns about high inflation and the collapse of TerraUSD (UST).
The executive is sure that some of the most recent volatility was due to activity outside Bitcoin. He said that nothing fundamental about Bitcoin poses any problem for their investment strategy.
MicroStrategy, based in Tysons Corner, Virginia, is among several companies with substantial holdings in Bitcoin. The data analytics company has bought 129,218 BTC until now.
MicroStrategy Will Continue to Buy and Hold Bitcoin for the Long Term
Andrew Kang said that the long-term buy-and-hold strategy of MicroStrategy remains unchanged despite the current volatility in the crypto market. Of course, that situation has affected the value of their shares.
However, Kang stated that none of the stakeholders had exerted pressure on the firm to sell. That shows a close alignment between investors and the company regarding the Bitcoin strategy. Curiously, he said he was unwilling to comment on their future Bitcoin purchases.
The CFO of MicroStrategy also predicted that the recent volatility of the crypto market could lead to new regulation of crypto assets.
Anyway, Michael Saylor, CEO of MicroStrategy, continues to extol the virtues of the pioneering cryptocurrency.
Michael Saylor Expects BTC to Reach above USD 1 Million
Saylor has repeated that on Twitter to reassure investors that MicroStrategy will not dump its Bitcoin holdings, even amid a bearish market. In addition, he has said that the firm continues to support Bitcoin as a store of value in the long term.
He stated there is no price target, but he expects to buy Bitcoin at the top forever. In addition, he predicted that the price would reach above USD 1 million, so they need to be very patient. He has commented on several occasions that the pioneering cryptocurrency is the future of money.
Bitcoin is trading at around USD 29,149 and has accumulated a 2.8% loss over the last 24 hours. While its daily trading volume is above USD 27.71 billion, its market capitalization is about USD 558.93 billion, according to CoinGecko.
Michael Saylor has said that there is no place to hide in a global bearish market, but there is a place to stand.
By Alexander Salazar
