Michael Saylor of MicroStrategy said, “the one thing we can count on is bitcoin goes forward in the year 2024, and a strategy built around bitcoin is generally a pretty safe one for institutions,” when he appeared on CNBC’s “Closing Bell: Overtime” in December to discuss cryptocurrencies.
Although there is still controversy about the long-term safety of bitcoin, Saylor’s approach has shown to be quite profitable, especially this past week.
MicroStrategy’s shares, which gain 40% of their worth over the last three days, increased 10% on Wednesday. The company’s bitcoin holdings account for the great bulk of its value. Saylor has a 12% investment in MicroStrategy, making him the company’s largest investor. In 2020, he revealed that he personally had 17,732 bitcoins.
Saylor is now around $700 million wealthier than he was on Sunday after all of this.
Saylor’s assets increased in value from $2.27 billion at the beginning of the week to $2.96 billion on Wednesday because to his influence of MicroStrategy and his Bitcoin
bitcoin.
MicroStrategy declined to comment on Saylor’s individual financial situation, according to a company representative.
This week’s major driver has been the surge in bitcoin to its greatest point since November 2021. The virtual money increased from $51,500 early on Monday to almost $64,000 on Wednesday. Later throughout the day, it dropped to around $60,000 as a result of Coinbase’s app experiencing issues that caused many users to perceive a zero value in their accounts.
Saylor, who established MicroStrategy in 1989 and continues to serve as chairman of the organization, is a leading proponent of bitcoin and co-wrote the book “What is Money?” on the cryptocurrency in 2023.
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MicroStategy is a cloud-based services and corporate software provider, but since it owns bitcoin, it functions as a stand-in for the largest cryptocurrency in the world.
The business said on Monday that it had purchased an extra 3,000 bitcoins between February 15 and February 25 for a total of $155 million. Currently, MicroStrategy and its affiliates have over 193,000 bitcoins valued at almost $12 billion.
In mid-2020, MicroStrategy said during an earnings call that it will allocate $250 million to “one or more alternative assets,” perhaps including digital currencies such as bitcoin, over the course of the following year. The firm had a market capitalization of around $1.1 billion at the time. At now, its value exceeds $16 billion.
Chief Financial Officer Andrew Kang said that MicroStrategy is “the largest corporate holder of bitcoin in the world, and we have remained committed to our bitcoin acquisition strategy with the highest conviction” during the company’s most recent earnings call on February 7.
Following a 346% increase in 2023, MicroStrategy shares are currently up 52% for the year. source: cnbc.com
