Michael Saylor, MicroStrategy, and Bitcoin 3 Years After
• MicroStrategy made history in August 2020 when it became the first publicly traded company to purchase Bitcoin.
• The company initially hinted in July of investing in assets such as bitcoin or gold rather than holding cash.
• Michael Saylor, the executive chairman of MicroStrategy, predicts that Bitcoin’s value could exceed $1 million per coin.
MicroStrategy Makes History
In August 2020, business intelligence giant MicroStrategy became the first publicly-traded company to invest in Bitcoin with its initial purchase worth $250 million. This decision was made by then-CEO Michael Saylor amid increasing inflation rates and favorable returns on investment for BTC compared to other assets.
Over the course of three years, MicroStrategy has continued making investments into Bitcoin despite its volatile price movements. As of June 2023, the firm now holds nearly 153,000 BTC as a result of these investments.
Saylor’s Bullish Stance
Michael Saylor continues to remain bullish on Bitcoin following his firm’s initial investment three years prior. He believes that the asset’s value will exceed $1 million per coin due to its deflationary nature and stable store of value potential over time.
MicroStrategy adopted Bitcoin as its primary treasury reserve asset due to its ability to provide a hedge against inflation and a higher return on investment compared to other reserves such as cash or gold. Additionally, the firm has taken advantage of various price dips since their first purchase in order to accumulate more BTC for themselves over time.
Three years after making their historic purchase, Michael Saylor’s MicroStrategy now owns nearly 153,000 BTC as part of their primary treasury reserve asset strategy while also continuing to remain bullish on the digital currency itself with predictions that its value could reach up to $1 million per coin eventually.