During a recent earnings call, MicroStrategy's leadership discussed their stance on the release of proof of reserves. CEO Michael Saylor and other executives clarified their reasons for hesitance.
Path to Transparency: MicroStrategy's Steps
During the investor call, Michael Saylor mentioned that the company is exploring options for increasing transparency. "We are working on responsible ways we could provide that transparency," Saylor remarked. He added that if the company decides to take that step, it would do so without compromising the safety of the company and the state of the crypto market.
Transparency Doubts: Michael Saylor's View
Many in the crypto community have raised questions about the need for MicroStrategy to publish proof of reserves. Saylor stated that publishing wallet addresses would be as reckless as disclosing personal information publicly. He also emphasized that recent BTC sales by other companies have already caused market instability.
Public Company Duty: Disclosure of Information
Steve Gregory, founder of VTrader exchange, expressed his opinion that Michael Saylor should disclose the company's wallet addresses. However, he also acknowledged that MicroStrategy has obligations for audits and oversight, which maintain a level of trust with investors. "In the cryptocurrency market, the lack of protective mechanisms can lead to catastrophic outcomes," Gregory noted.
MicroStrategy's leadership continues to take a cautious approach to the transparency of its reserves. The company's position raises many discussions and questions within the crypto community regarding the importance of balancing security with openness.
