Strategy’s Bitcoin buys should be ‘super careless’ to pump price — Exec
Richard Byworth says that a firm like Strategy isn’t concerned with how high Bitcoin’s price goes; its focus is solely on the multiple of its net asset value.
Key takeaways:
Richard Byworth says Michael Saylor’s Strategy could ramp up its Bitcoin buys by acquiring cash-rich companies and converting their cash into Bitcoin.
He says that Strategy should consider accelerating purchases as the Bitcoin supply on exchanges continues to decline.
Byworth argues that aggressively increasing Bitcoin holdings would boost Strategy’s mNAV, benefiting shareholders.
Michael Saylor’s Strategy should take a more aggressive approach to buying Bitcoin by acquiring companies to use their cash holdings to fund purchases and do away with over-the-counter buys, a crypto executive says.
“Saylor’s strategy so far has been the right one,” Syz Capital partner and Jan3 adviser Richard Byworth said on an April 29 podcast.
Strategy should try “super aggressive” buying
However, Byworth pondered what happens when Bitcoin
94,919.05$
reaches an “illiquid supply” point where no Bitcoin is left on crypto exchanges or over-the-counter (OTC) desks.
“Should Saylor buy Bitcoin really carelessly? As in, not try and buy it through OTC desks…and actually just buy it with the intention of massively ramping the price,” Byworth said.
“The point where things are getting less liquid, maybe you should try for a period going super aggressive, super careless buying, market impact all across, and push the price higher.”
