Add ZyCrypto News On Google
Michael Saylor has defended Strategy’s decision to sell Bitcoin (BTC) earlier this month amid growing backlash from the community. The sale sent BTC and altcoin prices on a downward spiral, with hopes of a rebound in Q2 looking tighter. Bitcoin moved up to $64,239 since the fiasco, but institutional holders are highly cautious.
Strategy Pushes Back Industry Criticism
The Bitcoin bull popular for spearheading massive institutional flows to the crypto and a ‘never sell mentality came under fire last week. The company sold 32 Bitcoins worth approximately $2.5 million to support stock distribution and improve its financials.
Though a small amount compared to its heavy war chest of 845,256 BTC, the sale negatively hit already weak market sentiment, causing a wider decline. Amid growing criticism, Saylor reiterated the company’s stand while defending the sale.
Addressing stakeholders at BTC Prague Conference, he explained that the company has always maintained transparency in its transactions and remains committed to its goals; however, it can sell if necessary.
“By the way, I said to you never sell your Bitcoin. I never said the company wouldn’t sell Bitcoin. And anybody who is listening to our earnings call or reading our disclosure or has half a brain knows, for the last five years, we’ve been very clear that of course we sell the Bitcoin if we have to.”
 
This statement further stirred up debates about whether another sale would happen anytime soon and the damage it might cause. Strategy’s offload might seem small, but many in the community interpreted Saylor’s approach as a never-sell method.
In the last four years, he has made a case for gold and other ultimate assets as a hedge against inflation. Many holders projected a slight sale to impact prices, and a 32 BTC sale from Strategy shook institutional and retail investors.
Reacting to the news, financial analyst Jim Cramer accused Saylor of “murdering Bitcoin.” Meanwhile, Arca’s Chief Investment Officer, Jeff Dorman, rejected explanations that the market’s fall was due to macro factors. He insisted that it was primarily caused by Strategy’s sale.
Last year, the company led crypto treasury firms, setting the tone for the wider market. Even after recent outflows, Strategy scooped up 1,550 BTC during the week, and the move had little impact on sentiment.