The current CEO of MicroStrategy will soon become executive chairman to better focus on the company’s Bitcoin strategy.
MicroStrategy, the software intelligence firm famously bullish on Bitcoin, announced on Tuesday that its CEO Michael Saylor will step down from his current position to assume the new role of executive chairman, effective on August 8. Phong Le, the company’s president, will take on Saylor’s current position.
The move seeks to better separate business concerns as Saylor will head MicroStrategy’s bitcoin-focused division while Le assumes 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 overall corporate operations,” Saylor said in a statement.
“I’ll be more effective, Phong will be more effective,” Saylor said in the company’s Q2, 2022, earnings call.
During the firm’s earnings call, Saylor also hinted at new Bitcoin-related initiatives being spun up by MicroStrategy as the management changes become effective.
“We are uniquely positioned to develop enterprise software that leverages the Bitcoin network,” he said, without providing any further details.
Macroeconomic trends such as the current strong appreciation of the U.S. dollar in recent months pose a bullish case for bitcoin long-term, Saylor explained. The soon-to-be former CEO reasoned that the growing interest from banks to offer bitcoin-related services indicates how interest has kept on growing –– and is set to further increase in coming years.
Saylor also touched on the recent events influencing and stemming from the slump in the cryptocurrency market in the past quarter. The executive said the failure of companies such as Celsius and Three Arrows Capital “removed unhealthy business practices” from the market and opened the eyes of regulators.
“We should see regulatory clarity come earlier than expected, and it’s clear that more focus will be placed on digital assets,” Saylor said, adding that such clarity will bring investments into bitcoin from larger institutions which have currently been on the sidelines due to regulatory uncertainties.
Moreover, Saylor highlighted that the company is positioned in BTC for the long term –– which he sees as a minimum of four years. Future CEO Le added that the company doesn’t plan to sell bitcoin.