Strategy's Bitcoin Sales Don't Matter in the Long Run
Michael Saylor's company, Strategy, has been selling some of its Bitcoin holdings in recent weeks. In August, it sold 3,328 BTC for a total of $213 million. This sale added to investors' fears that the company's sales would spark a larger sell-off just as the bear market seemed to be ending.
However, the price of Bitcoin still grew by 21% during the month, and other funds, such as BlackRock's iShares Bitcoin Trust, saw inflows of over $1.5 billion. This suggests that demand for Bitcoin remains strong, despite Strategy's sales.
The author of the article believes that Saylor's strategy does not matter in the long run because it cannot change the fundamental properties of the protocol, which is where Bitcoin's value comes from. The protocol's tight, decreasing limits on the pace of Bitcoin production create its scarcity.