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Michael Saylor's audacious decision to bet big on Bitcoin as MicroStrategy’s primary reserve asset turns four this week, with the company’s stock performance standing as a testament to the gamble’s impact.
Saylor’s Bitcoin Gamble Shocks Global Markets
In honor of the passing of four years since MicroStrategy's daring Bitcoin wager, co-founder Michael Saylor celebrated on social media earlier this Sunday.
Adopting Bitcoin, the major cryptocurrency, as its principal treasury reserve asset sent shockwaves across the global crypto market on August 11, 2020. The business intelligence organization was relatively unknown and its shares had been stagnant for years.
U.Today shares that the company's stock skyrocketed by thousands of percent in 1999, the year after it went public. The company was started in 1989. Among the many equities that rose to popularity in the late 1990s dot-com boom was this one.
A revenue restatement, however, caused the stock to crash in the early 2000s. In response to concerns that certain high-tech companies were inflating their sales figures, the SEC introduced new rules for reporting revenue.
Saylor lost a lot of money due to the accounting fraud. Indeed, he gained notoriety for being the first individual to experience a six-figure loss in a single day.
MicroStrategy’s Stock Recovers After Two Decades of Stagnation
The stock eventually recovered after a near twenty-year slump, thanks to Saylor's Bitcoin wager.
Saylor pointed out that, among the 500 equities in the S&P 500, MicroStrategy has performed better than 499 of them. After outperforming Bitcoin earlier this year, MicroStrategy's (MSTR) stock was added to the highly desired MSCI World Index. Unfortunately, the firm is currently ineligible for the esteemed S&P 500 index due to its $102.6 million quarterly deficit.
Saylor recently came clean about MicroStrategy's intention to keep purchasing Bitcoin.
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