Saylor’s big Bitcoin gamble turns 4. This is how MicroStrategy shares have developed
On Sunday, MicroStrategy co-founder Michael Saylor used social media to celebrate the fourth anniversary of the company’s bold Bitcoin bet.
On August 11, 2020, the relatively unknown business intelligence company, whose stock had been stagnant for years, sent shockwaves throughout the crypto industry by adopting Bitcoin, the leading cryptocurrency, as its primary treasury reserve asset.
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Founded in 1989, the company went public in 1998 and saw its share price rise by several thousand percent the following year. It was one of the stocks that rose in importance during the dot-com bubble in the late 1990s.
However, in early 2000, the company’s stock plummeted due to a revenue restatement. This occurred after the SEC issued new guidelines for revenue reporting amid concerns that high-tech companies were artificially inflating their numbers.
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The accounting scandal proved extremely costly for Saylor. In fact, he became known as the first person to lose a fortune worth $6 billion in a single day.
After nearly two decades of drifting, the stock finally recovered after Saylor’s Bitcoin speculation.
In fact, as Saylor notes, MicroStrategy has managed to outperform 499 of the 500 stocks in the S&P 500.
As reported by U.TodayMicroStrategy (MSTR) stock was added to the coveted MSCI World Index earlier this year after outperforming Bitcoin.
However, the company recorded a loss of $102.6 million in the previous quarter and is therefore not eligible for the prestigious S&P 500 index for the time being.
Saylor recently confirmed that MicroStrategy would continue to buy Bitcoin.
