Michael Saylor, the executive chairman of Strategy, suggested this week that a strict 'never sell' Bitcoin policy could actually damage the asset's value and floated the idea of occasionally selling some of the company's holdings to avoid that outcome. The remarks, made on May 17, come from one of the crypto world's most prominent Bitcoin bulls and directly question the accumulation dogma Saylor himself has long championed.
Why a 'never sell' policy could backfire
Saylor argued that maintaining an inflexible commitment to never sell Bitcoin might impair the cryptocurrency's market health over time. He did not elaborate on the precise mechanism, but the implication is that a total lack of selling pressure from large holders could lead to pricing distortions or reduced liquidity. The suggestion is unusual coming from Saylor, whose company has historically added to its Bitcoin position quarter after quarter without ever trimming.
Saylor's alternative: strategic sales
Rather than a binary hold-or-sell stance, Saylor floated the idea of periodic, deliberate Bitcoin sales — presumably in limited amounts and under favorable conditions — to prevent the asset from becoming impaired. He did not specify a timeline or volume for any potential sales. The proposal signals a potential shift in thinking at Strategy, though the company has made no official change to its Bitcoin policy and did not immediately announce any sales.
The timing of Saylor's remarks is notable: Bitcoin has traded in a relatively narrow range over the past few months, and some large holders have faced pressure to monetize their positions. Whether Strategy's board or shareholders will embrace the idea of selling even a fraction of the company's Bitcoin holdings remains an open question. For now, Saylor has put a new idea on the table — one that directly challenges the 'HODL forever' ethos that has defined his public persona.
