Michael Saylor, founder of investment firm MicroStrategy, continues to tell his company to do one thing: buy Bitcoin. The company said in its latest quarterly report that it currently holds $14 billion worth of Bitcoin, or about 214,400 Bitcoins.
It’s more than owned by the US or China.
Of course, this is an incredible gamble. This is because it also means that Microstrategy’s stock price will rise or fall depending on the fluctuations in the price of Bitcoin.
DotCom
MicroStrategy founder Michael Saylor wants to forget certain parts of recent history. He is now known for investing in cryptocurrencies, but recently when someone reminded him of his company’s performance during the dot-com crisis, he immediately blocked the person on social media. is noteworthy.
For those who don’t know, the DotCom crash occurred during the first two years of this century.
After investors poured money into new technology companies and people who could build promising websites, stock prices collapsed and the technology market fell 78% from its peak in March 2000 to its trough nearly two years later. The most famous example is the money paid to the website Pets.com. Fortune magazine ranked the biggest losers from this bubble in a handy Top 10 list. The person who came out on top was none other than Mr. Saylor himself.
However, in 2020 Mr. Saylor became fully convinced of the usefulness of Bitcoin, and since then Bitcoin is all they have purchased. Their investments tanked during the 2022 cryptocurrency crisis, but have recently returned to strong profits.
Since the beginning of this year, Microstrategy’s stock price is already up 85%.