Following a lawsuit on Microstrategy’s Michael Saylor, a section of crypto community perceived it as an attack on the industry.The former Microstrategy chief executive officer was charged for evading income taxes while living in Washington DC.Karl Racine, attorney general for Washington DC, said Saylor legally owes taxes on hundreds of millions of dollars he earned.His company, Microstrategy, was also sued for conspiring to help Saylor evade taxes.
Michael Saylor Lawsuit – Its Impact
The Michael Saylor lawsuit appears to have had a direct impact on the Microstrategy stock price.At one point after trade opened on Thursday, the company stock plunged by around 7%.As of writing, $214.70, down nearly 7.30%.On the other side, any further fall in the Microstrategy stock price could have an impact on Bitcoin as well.Microstrategy is the largest institutional holder of Bitcoin, which could prove to have negative impact on the cryptocurrency.
In the lawsuit, it was charged that MicroStrategy was aware Saylor was living in DC but failed to make it public.
Hence, the company was also sued for allegedly helping its then chief executive officer evade taxes.Earlier in August, Saylor stepped down from his role of the company CEO.He is now serving as the executive chairman of MicroStrategy with focus on hoarding cryptocurrencies.
Impact On Bitcoin
The tech company holds more than 131,000 BTC, as per recent announcements.On a whole, the company invested over $4 billion in accumulating the top crypto asset.Also, at one stage earlier this year, the company faced huge losses from its Bitcoin holdings.Microstrategy’s BTC assets resulted in huge unrealized loss to the tune of a billion after Bitcoin price fell sharply.
However, the company expressed confidence on the cryptocurrency’s potential saying it was ready to face the volatility.
As of writing, Bitcoin is trading at $19,751.62, down 1.43% in the last 24 hours, according to crypto price tracking website CoinMarketCap .On a week to week basis, Bitcoin is down 8.24%.
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