If you have been involved in the world of Bitcoin and crypto for a while, you will undoubtedly know that in August of 2020, MicroStrategy became the first publicly traded company to buy Bitcoin for its balance sheet. At the time, Michael Saylor was still the CEO of MicroStrategy and it wasn’t long before he became a big name in the Bitcoin community. There are now more than 130,000 Bitcoin in MicroStrategy’s war pot and Michael Saylor is still convinced of that choice.
Michael Saylor remains convinced
In the meantime, Michael Saylor is no longer CEO of MicroStrategy, but still works for the company as chairman of the board. In that role, he can focus more on the company’s Bitcoin strategy. Incidentally, that strategy is not very complex, because it seems to be mainly about buying and holding. Just under 14 hours ago, Saylor published a chart showing Bitcoin’s performance against other financial assets since MicroStrategy stepped in.
Michael Saylor’s caption pretty much says it all: “The numbers speak for themselves.” Bitcoin scored a return of 125 percent as of August 10, 2020, while the S&P 500 and the Nasdaq had to make do with 17 and 6 percent, respectively.
Gold, bonds and silver even had to record declines of 5, 17 and 22 percent. That just shows how well Bitcoin has done in recent years. These are numbers that people sometimes forget when they look at how much Bitcoin has lost compared to its all-time high, for example.
The resurrection of MicroStrategy
MicroStrategy had of course had a difficult year in 2022, in which it had to take huge accounting losses on its Bitcoin. We have now had a fantastic start to 2023 and the company’s share has measured a plus of 84.57 percent since the beginning of the year.
It even outperforms Bitcoin, which has recorded a plus of 64 percent since the beginning of the year. Where Bitcoin clocked in on January 1 at a price of 15,500 euros, there is now an impressive 25,549.50 euros on the counter.
The banking crisis in the United States means that people are losing faith in the traditional financial system and are looking for alternatives. Bitcoin is an alternative and that is clearly reflected in the massive flight to Bitcoin that is currently underway.