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What they're saying: MicroStrategy reported losses in seven out of the eight quarters since the company started buying bitcoin, a recent Wall Street Journal article noted. The bitcoin buying also brought greater scrutiny.Saylor changed his Twitter profile picture to feature laser eyes shortly after MicroStrategy's bitcoin bet and his feed now reads like the stream-of-conscious ramblings of a bitcoin maximalist.
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(Great for shareholders when bitcoin prices were only going up not so hot right now.)Ĭatch up fast: Saylor this week announced that he was dropping CEO from his title, eclipsing the company's billion-dollar net loss for the second quarter, in large part due to its bitcoin holdings.Ĭontext: Alongside MicroStrategy's bitcoin transformation, Saylor, too, transformed, from relatively obscure chief of a software company the average person never interacts with, to bitcoin evangelist.
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INFORMANT SYNONYM CRACKED
Why it matters: The strategy cracked open the back door for traditional firms to gain exposure to bitcoin as MicroStrategy started issuing company debt and taking on loans to buy more bitcoin. "No one had the cojones to buy $250 million of bitcoin with cash," he acknowledges.2020 - the largest acquisition of bitcoin by a publicly-traded company at the time. The big picture: But what stands out from Saylor's 33-year tenure at the helm of MicroStrategy is its $4 billion bet on bitcoin that started with one large purchase in Aug. Michael Saylor would most like to be remembered for his contribution to society as an educator, the CEO tells Axios in his last days as chief of the software company he co-founded in the 1980s.