Just now, Michael Saylor from MicroStrategy posted again saying he won't sell Bitcoin regardless of its value. However, the dog just wants to say:

This year, the brother cashed out $120 million in company stock, which is his way of making money.

Although selling Bitcoin now is said to be the 'best historical trade', firstly, will the shareholders agree, and secondly, assuming they agree, crashing the crypto market does not necessarily mean high actual earnings for the company. As a personal shareholder and CEO, he won't get much, and it could also damage the company's stock price, his career, and reputation.

Once, a company on the decline must survive, the stock price must survive, and only then can one's own interests be maximized. The clever Saylor realized he could turn the company into an indirect Bitcoin ETF and Bitcoin concept stock, decisively choosing to enter the market and fill a gap, and unexpectedly, just a few years later, everything fell into place.

With the arrival of the 2024 bull market, the financing cost of convertible bonds is zero, riding the wave, directly pushing the Bitcoin premium up to three times. His equity incentives and the value of the stocks he holds are also rising, and they can be used as collateral for cash.

So, he cannot sell! The company also cannot sell! Unless in two situations: 1. Close to bankruptcy, 2. Many companies and countries follow suit, losing its advantages, after all, it was just the first, and this is a business with no entry barriers for anyone.