Saylor's Sales Don't Deter Carchidi from Buying More Bitcoin
Michael Saylor's company, Strategy, has continued to sell Bitcoin in recent months. In August, it sold 3,328 BTC for $213 million, adding to fears of a larger sell-off just as the bear market seemed to be ending.
However, Alex Carchidi, a writer, believes that Saylor's sales are not a reason to sell your own Bitcoin. In fact, he is doubling down on his investment in Bitcoin, citing its growing popularity and increasing demand.
The price of Bitcoin rose 21% during the month of August, despite Strategy's sales. Additionally, BlackRock's iShares Bitcoin Trust saw net inflows of over $1.5 billion during the same period.
Carchidi argues that while Strategy holds a significant portion of the total possible supply of Bitcoin, its actions have little impact on the fundamental properties of the protocol, which is where its value comes from.