- Strategy will never be a net seller of Bitcoin, but may sell to fund STRC dividends.
- The company’s Bitcoin ‘accretion engine’ only needs BTC to appreciate 2.3% per year to fund payouts in perpetuity.
- Michael Saylor dismissed price impact concerns, stating corporate flows are dwarfed by the daily $20 billion spot market.
- He bluntly rebuffed critic Peter Schiff’s allegation that dividend payments would be halted to avoid selling Bitcoin.
Strategy executive chairman Michael Sayer clarified his company’s Bitcoin strategy in a Saturday interview, asserting the firm intends to be a net buyer of the cryptocurrency “forever.” This came as a refinement to his famous “never sell” mantra, acknowledging potential sales to cover dividends.
Consequently, he directly addressed Gold advocate Peter Schiff’s criticism. Saylor’s response was “Peter thinks Bitcoin’s a Ponzi scheme. Peter is not really a lover of anything in this space,” according to the interview.
Meanwhile, he framed the company’s STRC issuance as a powerful “Bitcoin accretion engine.” Strategy sold $3.2 billion of STRC in April alone against a monthly dividend obligation of $80-90 million.
This structure requires Bitcoin to appreciate just 2.3% annually to fund dividends eternally. Saylor noted Bitcoin has historically gained 30-40% per year, making the model sustainable.
However, he refuted claims that Strategy’s purchases significantly move Bitcoin’s price. “We bought $100 million of Bitcoin an hour, it doesn’t move the price,” Saylor stated, citing the market’s immense liquidity.
He argued macro forces like trade tensions and Fed policy are the real price drivers. Bitcoin’s spot market sees roughly $20 billion in daily trades, with derivatives adding $50–80 billion more.
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