Despite the recent crash of the crypto space, despite everything bitcoin has cost him, Michael Saylor – the former head executive of MicroStrategy, a one-time software giant that has since transformed into one of the biggest bitcoin bulls out there – says bitcoin is going to be a winning asset in the end.
Michael Saylor Will Never Give Up on BTC
In a recent interview, he commented:
Speaking for all bitcoiners, we feel we’re trapped in a dysfunctional relationship with crypto and we want out. Bitcoin will be the winner because bitcoin is a digital commodity and it’s the least controversial of everything.
Michael Saylor first began adding bitcoin to the MicroStrategy balance sheet in August of 2020. At that time, the world’s number one digital currency by market cap was trading in the $11K range, which was small compared to what the price would be just 12 months later. However, at the time, the price was considered a milestone for the currency, and apparently MicroStrategy wanted in.
During that month, the company purchased close to $400 million in BTC. This would be the first in a string of purchases that would ultimately reach beyond the billion-dollar mark. Bitcoin, in many ways, was still considered a very risky investment given how volatile it was. Its vulnerability to price swings was often labeled as the main reason as to why so many institutions refused to get involved in crypto investing, and MicroStrategy appeared to be a risk taker in this department.
At first, it appeared things were paying off. Throughout 2021, bitcoin’s price reached mega highs, and MicroStrategy was indeed experiencing huge growth as a result. Unfortunately, bitcoin took a serious beating this year, and instead of backing off like it probably should have, MicroStrategy – by way of Saylor’s incessant fanaticism – chose to continue investing in the digital asset.
MicroStrategy is now billions of dollars in the hole, and Saylor was recently pressured to relieve himself of his chief executive duties, instead reverting to the lesser position of executive chairman. The company that had been run under his careful eye for more than 30 years is no longer in his hands.
More Players Will Enter
To say Saylor’s constant admiration of bitcoin is likely overwrought would be an understatement. Nevertheless, he continues to push the BTC agenda and claims it has properties that cannot be ignored. Continuing his interview, Saylor said:
We’re moving from the entrepreneurial stage… to an institutional digital asset stage where big players… are going to enter this space and we’re all just going to grow up and the world is going to benefit from that.
At the time of writing, the price of bitcoin is at its lowest point since June of this year. It is presently trading in the high $17K range, which is a slight improvement over the recent $16K it struck.
