Microstrategy's Michael Silver says stepping down as CEO will allow him to focus more on Bitcoin

Microstrategy’s Michael Silver says stepping down as CEO will allow him to focus more on Bitcoin 2023

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Source: A screenshot, ReasonTV / YouTube

US firm MicroStrategy could be moving even further into Bitcoin despite the announcement that co-founder Michael Silver will step down as CEO on August 8.

Silver stated that after stepping down as CEO to become the company’s executive chairman, his focus will be on corporate strategy, innovation efforts and Bitcoin strategy.

He added:

I will continue to be an enthusiastic spokesperson for MicroStrategy and as our representative in the global Bitcoin community.

In addition, Silver claimed that the issue of a CEO succession has been in the works for some time, explaining that the move has been carefully considered and planned at the board level for years.

Andrew Kang, the company’s chief financial officer, explained that the company’s “bitcoin strategy” is simple:

Buying and maintaining for the long term, and that’s it.

The company says it owns about 129,699 bitcoins ($2.99 ​​billion). And with the crypto winter still going on, the company has faced a lot of criticism for its aggressive Bitcoin buying strategy.

With the company’s stock down 50% this year, the company is hoping that the price of Bitcoin will rise sooner rather than later.

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