Ten years in the past, Michael Saylor apprehensive Bitcoin may fail at $1k

A decade in the past, MicroStrategy CEO Michael Saylor expressed skepticism about Bitcoin, warning about doable regulatory threats.

On Dec. 7, 2013, Saylor wrote:

“Missing a reputable sponsor, #Bitcoin is in imminent hazard of being regulated out of existence.”

Within the decade since, not solely has Bitcoin not been regulated out of existence, however it has thrived, changing into the fastest-growing asset class of the twenty first Century. Saylor, to his credit score, was paying consideration, and he subsequently steered his agency into changing into one of many largest Bitcoin whales on this planet.

MicroStrategy, a acknowledged chief in enterprise analytics and mobility software program, pivoted to Bitcoin investing in 2020 and has not appeared again. Throughout Q3 2023, the agency added 6,067 Bitcoins to its portfolio, bringing its complete to 158,400 BTC. The agency spent an estimated $167 million on the acquisition, reflecting a median value of $27,531 per Bitcoin.

MicroStrategy’s Bitcoin acquisition technique didn’t cease there. By the top of November 2023, the agency had amassed 174,530 BTC, equating to just about 1% of Bitcoin’s circulating provide.

The aggressive acquisition technique appears to have paid off. With the present Bitcoin value hovering round $37,700, MicroStrategy’s Bitcoin portfolio is now value greater than its preliminary buy value, leading to a revenue margin of roughly $1.3 billion. This outstanding profitability indicator showcases the potential of Bitcoin as an asset class, even amidst market fluctuations.

Along with constructing a considerable Bitcoin portfolio, MicroStrategy is exploring Bitcoin-related companies. The agency introduced the event of an enterprise plugin for Bitcoin’s Lightning Community in 2022, highlighting its dedication to integrating and leveraging Bitcoin know-how in its enterprise operations.

From expressing considerations over Bitcoin’s regulatory outlook to changing into considered one of its largest institutional buyers, MicroStrategy’s journey mirrors the evolving dynamics within the crypto market and emerged as considered one of its most profitable gamers.