How the former critic Michael Saylor started the Bitcoin bullish race
On December 18, 2013, four years before Bitcoin became a household name, Michael Saylor, CEO of Microstrategy, tweeted that “the main days of cryptocurrency were numbered” and would fall to the same fate as “online gambling”.
#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.
– Michael Saylor (@michael_saylor) December 19, 2013
Seven years later, in 2020, Saylor’s tone changed significantly, and instead he found himself betting on his company’s cash reserves and converted to BTC.
The move has prompted other company CEOs to pay attention to the scarce cryptocurrency and its use as protection against inflation. The asset’s digital gold narrative initially caught the attention of hedge funds, but eventually, anyone with capital at risk of loss in dollar value was soon looking at BTC as a store of value.
Saylor’s bold move started several other companies following suit, from companies like Square to Tesla, and many more are on the way due to a seminar that the self-proclaimed bull held earlier this year.
MicroStrategy’s CEO shared his handbook with other executives and the fruits of that work will soon become clear. But why might other companies want to follow suit? The numbers speak for themselves.
The purchase of BTC by MicroStrategy is what triggered the bull run | Source: BTCUSD at TradingView.com
MicroStrategy makes $ 3 billion profit from Bitcoin, almost 5x 15 years of net profit
MicroStrategy’s shares also had a a good performance during the bullish run of the cryptocurrency market due to the spillover effect and the fact that traditional investors feel more comfortable investing in companies with exposure to cryptocurrencies – rather than the cryptocurrency itself.
Big banks like JP Morgan responded with a “cryptocurrency exposure basket” to meet this demand, but what is the point of MicroStrategy showing how profitable Bitcoin itself can be?
According to nothing but numbers, MicroStrategy has $ 3,578,716,599 combined in its position at BTC. In the past fifteen years, according to an industry commentator, they have generated $ 747 million in net revenue. This means that in less than a year after buying Bitcoin, they generated 4.79 times their previous total net revenue.
The number of mentions of Bitcoin in company earnings reports has become parabolic. Coinbase is publicly listed today. And it all started with Saylor changing from bear to bull in Bitcoin.