@xiang0930
Some analysts suggest that companies like MicroStrategy — whose chairman Michael Saylor has long insisted they would “never sell their Bitcoin” — may actually be forced to sell.
When Bitcoin rises and their stock price is strong, these companies can issue new shares or bonds to buy more Bitcoin and use that fresh capital to service their previous Bitcoin-backed debt.
But once Bitcoin falls, and the company’s stock price also declines, Bitcoin becomes “cheaper” while their funding costs rise, making it difficult to continue this refinancing cycle.
Therefore, it’s possible that Saylor may eventually need to sell Bitcoin to repay the debt that was originally used to buy Bitcoin.
Separately, Bloomberg notes that Bitcoin is beginning to behave like “digital gold.” Volatility has recently dropped sharply, especially ahead of the Federal Reserve meeting, giving Bitcoin characteristics similar to traditional safe-haven assets like gold.
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