As a crypto investor who has witnessed the rollercoaster ride of Bitcoin over the years, I can’t help but feel a sense of satisfaction and vindication when I see Michael Saylor’s triumphant response to the Wall Street Journal. Remember that 2024 article that dismissed his decision to invest in Bitcoin as reckless? Well, it seems the tables have turned.
Michael Saylor, one of the co-founders of MicroStrategy, used social media platform X to poke fun at the Wall Street Journal following Bitcoin reaching a fresh all-time high.
In a recent post, Saylor recalled a 2022 WSJ article that had been highly critical of his bold decision to invest billions of dollars in Bitcoin, which was then painted as a risky gamble.
The article was published following Saylor’s resignation as MicroStrategy’s CEO in August 2024, a time when the company reported a significant loss of $1.44 billion and a near 50% drop in its stock value.
At that time, a Wall Street Journal report contained forecasts from financial experts suggesting MicroStrategy might face difficulty repaying its debtors if the price of Bitcoin didn’t rebound. Back then, Bitcoin was worth approximately $20,000, and it subsequently dropped to $16,000 in the wake of the FTX crisis.
Analysts initially cautioned that MicroStrategy’s significant investment in Bitcoin could potentially cause the company to founder. However, contrary to these expectations, Bitcoin’s value skyrocketed by more than 115% during 2024, touching new records when Donald Trump won the 2024 election. This surge propelled MicroStrategy’s stock price beyond 400%, demonstrating that many of those earlier predictions were off the mark.
Saylor’s reaction is significant given that MicroStrategy’s shares have surpassed the value of Bitcoin, thanks to the digital currency’s expansion. Currently, MicroStrategy owns approximately 214,000 Bitcoins, worth more than $7.4 billion.
Moving ahead, MicroStrategy intends to carry on with its Bitcoin investment approach, possibly expanding its portfolio, even considering a potential investment of up to $42 billion.
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2024-11-08 12:52