Michael Saylor has been the talk of the crypto space in the recent past, ever since he made a courageous decision to acquire significant holdings of Bitcoin transacted for the first time back on August 11, 2020. Since then, his presence over the various news outlets has hit an exponential escalation besides gaining tens of thousands of followers on his Twitter handle. As his unprecedented move turned out to be extremely worthwhile not only for his brand name but also gave Microstrategy an edge over the market capitalization from almost $1.71B to $5 billion exceeding now.
His prominence over the cryptocurrency market has heavily influenced numerous companies to adopt similar strategies to Microstrategy.
“I think a lot of companies will do this in the coming 12 months, and you’ll start to see more announcements because it’s an idea whose time has come. I’ve seen a lot of interest, there’s a lot of private company CEOs who reach out to me, and they’ve already done it; they’re just not making announcements.”
Saylor’s Evolution to Penetrate the Volatile Market of Bitcoin
The overnight cryptocurrency fortune achieved by the CEO of Microstrategy Inc., Michael Saylor, has a story to tell everyone. As the capacity to make a high-profile bid to acquire hundreds of millions of dollars of bitcoins and its strategy may seem like a sheer fluke, which made him a billionaire, at least on paper.
According to some news notes, the business intelligence software firm Tysons has embarked on the cryptocurrency transactional voyage back in August, expending both hard cash and eventual high rising debt, as part of Saylor’s bid to hedge against the devaluing dollars, at least what Saylor thinks of it. Later on, they made another purchase of 314 bitcoins for $10 million on January 22. And after recently investing a combined total of $1.135 billion as per the then buying price or equivalent of about $16,035 per Bitcoin, Microstrategy top up the existing valuation with an addition of 70,784 bitcoins.
Saylor’s strategic predictability has wowed the prospective investors despite publically disclosing the actual Treasury Strategy of acquiring Bitcoin. Besides, he has been delivering remarkable statements over his virtues of buying Bitcoins. One of his replies on private firms’ details translates that the range valuation varies from hundreds of millions to billion-dollar-plus companies.
“Sometimes billion-dollar-plus. I mean billion, multi-billion, five hundred million, one hundred million. There’s a lot of companies in that sweet spot. Generally, everybody talks to everybody.”
Another quote from Anthony Pompliano’s interview right after the first acquisition of Microstrategy.
“The problem is I have a lot of cash, and I’m watching it melt away… [On investors] they’re smarter than I am, I’m not joking, I’m serious, they are smarter than I am. They knew before I knew that cash is trash, and you’re a fool to sit on the cash.”
Today, I had a good discussion with @MorganLBrennan & @GuyAdami about the maturation of #Bitcoin as an asset class, the acceleration of #BTC adoption by institutions, & the advantages corporations are gaining as they join the #Bitcoin monetary network. https://t.co/qYQ8nw8DGO
— Michael Saylor (@michael_saylor) January 22, 2021
His statements have taken the cryptocurrency market on storm while resulting in the mindsets of people across the globe. And what’s more interesting is economic stagnation, no end in sight for money printing policies, the threat of inflation and crippling deficits seems even more real.
And with the recent change in presidential power post-arrival of the U.S. President Joe Biden has brought plans for a new $1.9 trillion stimulus package gaining comprehensive coverage by several media outlets has also left with concern on what they do to keep the system propped up?
“The average person understands that there is no free lunch. The path to prosperity cannot be so easy as to just print and spend. If he relies on low rates to fund further massive government spending increases, Mr. Biden will double down on policies that have magnified the problems he aims to fix: weak growth, financial instability, and rising inequality.”