Ten years ago, Michael Saylor worried Bitcoin might fail at $1k

A decade ago, MicroStrategy CEO Michael Saylor expressed skepticism about Bitcoin, warning about possible regulatory threats.

On Dec. 7, 2013, Saylor wrote:

“Lacking a credible sponsor, #Bitcoin is in imminent danger of being regulated out of existence.”

In the decade since, not only has Bitcoin not been regulated out of existence, but it has thrived, becoming the fastest-growing asset class of the 21st Century. Saylor, to his credit, was paying attention, and he subsequently steered his firm into becoming one of the largest Bitcoin whales in the world.

MicroStrategy, a recognized leader in enterprise analytics and mobility software, pivoted to Bitcoin investing in 2020 and has not looked back. During Q3 2023, the firm added 6,067 Bitcoins to its portfolio, bringing its total to 158,400 BTC. The firm spent an estimated $167 million on the acquisition, reflecting an average price of $27,531 per Bitcoin.

MicroStrategy’s Bitcoin acquisition strategy didn’t stop there. By the end of November 2023, the firm had accumulated 174,530 BTC, equating to nearly 1% of Bitcoin’s circulating supply.

The aggressive acquisition strategy seems to have paid off. With the current Bitcoin price hovering around $37,700, MicroStrategy’s Bitcoin portfolio is now worth more than its initial purchase price, resulting in a profit margin of approximately $1.3 billion. This remarkable profitability indicator showcases the potential of Bitcoin as an asset class, even amidst market fluctuations.

In addition to building a substantial Bitcoin portfolio, MicroStrategy is exploring Bitcoin-related services. The firm announced the development of an enterprise plugin for Bitcoin’s Lightning Network in 2022, highlighting its commitment to integrating and leveraging Bitcoin technology in its business operations.

From expressing concerns over Bitcoin’s regulatory outlook to becoming one of its largest institutional investors, MicroStrategy’s journey mirrors the evolving dynamics in the crypto market and emerged as one of its most successful players.

The post Ten years ago, Michael Saylor worried Bitcoin might fail at $1k appeared first on CryptoSlate.

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