MicroStrategy, the software intelligence firm famous for its Bitcoin optimism, announcement Tuesday that its CEO Michael Saylor will step down from his current position to assume the new role of executive chairman, effective August 8. Phong Le, the company’s chairman, will assume Saylor’s current position.
The move aims to better separate business concerns, as Saylor will lead MicroStrategy’s bitcoin-focused division while Le will take over the software intelligence business.
“As Executive Chairman, I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage the company’s overall operations,” said Saylor said in a statement.
“I will be more efficient, Phong will be more efficient,” Saylor said in the company statement. Q2 2022, call for results.
During the company’s earnings call, Saylor also hinted at new bitcoin-related initiatives launched by MicroStrategy as the leadership changes take effect.
“We are uniquely positioned to develop enterprise software that leverages the Bitcoin network,” he said, without providing further details.
Macro trends such as the current strong appreciation of the US dollar in recent months provide a bullish argument for bitcoin over the long term, Saylor explained. The future former CEO believed that the growing interest of banks to offer bitcoin-related services indicates how interest has been steadily growing – and is expected to increase further in the years to come.
Saylor also touched on recent events influencing and arising from the collapse of the cryptocurrency market over the past quarter. The executive said the failure of companies such as Celsius and Capital of the Three Arrows “removed unsound business practices” from the market and opened the eyes of regulators.
“We should see regulatory clarity coming sooner than expected, and it’s clear there will be more focus on digital assets,” Saylor said, adding that such clarity will attract investment into bitcoin from investors. large institutions that are currently on the sidelines due to regulation. uncertainties.
Additionally, Saylor pointed out that the company is positioning itself in BTC for the long term –– which he sees as a minimum of four years. Future CEO Le added that the company has no plans to sell bitcoin.