The decade-old tweet reveals a significant shift in the entrepreneur's attitude over the past decade as Bitcoin has become the world's fastest-growing asset.
Ten years ago, MicroStrategy CEO Michael Saylor expressed skepticism about Bitcoin and warned of possible regulatory threats. This was observed by Bitcoin Magazine editor Pete Rizzo on the tenth anniversary of the tweet.
On December 7, 2013, Thaler wrote:
Due to the lack of reliable sponsors, Bitcoin faces the imminent danger of being regulated and disappearing. ”
In the decade since, instead of disappearing due to regulation, Bitcoin has flourished as the fastest-growing asset class of the 21st century. To his credit, Thaler was concerned, and subsequently led his company to become one of the largest Bitcoin whales in the world.
MicroStrategy, a recognized leader in enterprise analytics and mobile software, switched to Bitcoin investing in 2020 and hasn't looked back. In the third quarter of 2023, the company added 6,067 bitcoins to its portfolio, bringing its total to 158,400 bitcoins. The company estimated that it spent $1. on the acquisition$6.7 billion, reflecting an average** of $27,531 per bitcoin.
Microstrategy's Bitcoin acquisition strategy doesn't end there. As of the end of November 2023, the company has amassed 174,530 BTC, which is equivalent to nearly 1% of Bitcoin in circulation**.
The aggressive acquisition strategy seems to be paying off. With Bitcoin currently hovering around $37,700, Microstrategy's Bitcoin portfolio is now worth more than its initial purchase, generating a profit margin of around $1.3 billion. This remarkable profitability metric demonstrates the potential of Bitcoin as an asset class, even in volatile market situations.
In addition to building a large Bitcoin portfolio, MicroStrategy is also exploring Bitcoin-related services. The company announced that it will develop an enterprise plugin for the Bitcoin Lightning Network in 2022, underscoring its commitment to integrating and leveraging Bitcoin technology in its business operations.
From voicing concerns about Bitcoin's regulatory outlook to becoming one of its largest institutional investors, Microstrategy's journey reflects the changing dynamics of the cryptocurrency market and has become one of the most successful players.