MicroStrategy’s co-founder and executive chairman, Michael Saylor, remains optimistic about bitcoin three years after his company made its first BTC purchase. Saylor, who served as MicroStrategy’s CEO for over three decades, has made bold price predictions for the cryptocurrency, suggesting that its value could surpass $1 million per coin.
In August 2020, MicroStrategy made headlines by becoming the first publicly-traded company to invest in bitcoin. The decision was driven by the company’s desire to protect against inflation and seek higher returns compared to traditional assets like cash or gold. MicroStrategy initially purchased $250 million worth of BTC and adopted it as its primary treasury reserve asset.
Since then, MicroStrategy has continued to make significant bitcoin investments, taking advantage of the cryptocurrency’s price volatility. In June 2023, the company announced the purchase of 12,333 BTC for $347 million, marking one of its largest acquisitions in a single quarter since Q2 2021. As of July 31, 2023, MicroStrategy holds a staggering 152,800 BTC, making it the largest corporate holder of bitcoin.
Despite previously expressing skepticism about bitcoin’s future, Saylor has become one of its most prominent supporters. He now refers to bitcoin as “digital gold” and believes it is the future of money. In May 2022, Saylor stated that BTC’s price could reach “millions,” and the following month, he predicted that it could skyrocket to $1 million.
Saylor remains unfazed by the ongoing regulatory crackdown on the crypto industry by the US Securities and Exchange Commission (SEC). In fact, he suggests that the SEC’s actions could benefit bitcoin by driving up its price and increasing its market share dominance to 80%.
In August 2022, Saylor stepped down as MicroStrategy’s CEO to focus on the company’s bitcoin acquisition strategy and related advocacy initiatives. He now serves as the executive officer, with Phong Le taking over as the new CEO.
Overall, Michael Saylor’s unwavering support for bitcoin and MicroStrategy’s significant BTC holdings demonstrate his belief in the cryptocurrency’s long-term potential and its ability to outperform traditional assets. As the crypto market continues to evolve, it will be interesting to see how MicroStrategy and Saylor’s bitcoin journey unfolds in the years to come.