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From doomed to fail to a $425 million investment – MicroStrategy’s 180 on Bitcoin

Photo of: Joseph Stone
by Joseph Stone

In 2013, MicroStrategy’s CEO was not crazy about Bitcoin. Michael Saylor predicted the same fate as online gambling, adding that its days were numbered. By 2020, his company holds $425 million worth of Bitcoin.

The Internet has memory. And that memory came back to Michael Saylor, the CEO of software company MicroStrategy. MicroStrategy is currently very much in vogue in the cryptocurrency world. In 2013, Saylor probably couldn’t have claimed such a sympathetic rating.

“Bitcoin’s days are numbered. It seems it’s only a matter of time before it suffers the same fate as online gambling,” he wrote on Twitter in December of this year.

2013 is a reference year in the life of the cryptocurrency. As of January 1, its value was just under $20. But its progression will be dazzling over the months, exceeding 1000 dollars for the first time. However, this surge will provoke negative reactions from central banks in both France and China.

For Michael Saylor, the life of Bitcoin was therefore likely to be short-lived. His position has since changed radically. According to the CEO, Bitcoin is now “a reliable store of value and an attractive investment asset. »

Asked about his 2013 statement, the CEO simply admits not to remember. “I literally forgot I ever said that,” he confessed in a podcast with Anthony Pompliano, co-founder of Morgan Creek Digital.

“I’m really ashamed to say it – I didn’t know I tweeted it until I tweeted that I had bought $250 million worth of Bitcoin,” said the MicroStrategy boss about his 2013 anti-bitcoin tweet.

However, actions always matter more than words. In this respect, the investments made by Microstrategy are saying much more than his words 7 years ago. In early August, MicroStrategy invested $250 million of its cash in 21,454 Bitcoins.

By September, this investment was continuing. The U.S. company now owns 38,250 BTCs. This represents a cash investment of approximately $425 million. And the financial markets clearly like this decision considering the company’s share gained 9% since that fateful day.