Michael Saylor, the co-founder and executive chairman of MicroStrategy, has a strong belief in bitcoin. He was the CEO of the company for more than 30 years.
Even after three years of MicroStrategy’s first Bitcoin purchase, Saylor still sees a bright future for the cryptocurrency. He has even predicted that the value of Bitcoin could go beyond $1 million per coin.
After 3 years, MicroStrategy still holds almost 153,000 BTC:
MicroStrategy made headlines in August 2020 as the first publicly-traded company to buy bitcoin. They invested $250 million in BTC to diversify their treasury assets and hedge against inflation. This marked the start of a series of BTC purchases due to its potential for higher returns.
Michael Saylor, MicroStrategy’s CEO at the time, believed that bitcoin offered a better hedge against inflation and better investment returns compared to other assets. The company continued investing in BTC through its price fluctuations. In June 2023, they acquired 12,333 BTC for $347 million.
By July 2023, MicroStrategy’s BTC holdings totaled 152,800 BTC, bought for $4.53 billion at an average of $29,672 per BTC. This makes MicroStrategy the largest corporate holder of bitcoin.
Interestingly, in a 2022 SEC filing, MicroStrategy disclosed selling 704 BTC for tax benefits, despite Saylor’s earlier statement that they wouldn’t sell any of their BTC holdings.
Saylor’s Evolving Bitcoin Advocacy:
Michael Saylor, a prominent figure in the cryptocurrency space, is known for his strong support of bitcoin, often referring to it as “digital gold.” However, his stance on bitcoin wasn’t always this positive. In a 2013 tweet, he predicted the asset’s downfall, comparing it to online gambling.
Over time, Saylor’s perspective shifted, and he became a significant advocate for bitcoin. As the executive chairman of MicroStrategy, he led the company to make substantial BTC purchases for its treasury reserve and personally acquired bitcoin. Saylor even made bold price predictions for the cryptocurrency.
In May 2022, he stated that BTC’s price could potentially reach millions of dollars and asserted it as the future of money. The following month, he predicted a skyrocketing price of $1 million for bitcoin. In September 2022, he projected that the cryptocurrency could be valued at $500,000 within a decade if it matched gold’s market capitalization.
Saylor remains undeterred by the ongoing regulatory actions by the US SEC in the crypto industry. He believes that these actions might benefit bitcoin by increasing its price and market dominance to 80%.
After serving as MicroStrategy’s CEO for over three decades, Saylor transitioned to the role of executive officer in August 2022, allowing him to concentrate on the company’s bitcoin acquisition strategy and advocacy efforts. The company’s new CEO, Phong Le, now leads its day-to-day operations.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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