U.Today – Exactly two years ago, Michael Saylor, chairman and co-founder of MicroStrategy, made a bold statement about the power of .
Bitcoin historian Pete Rizzo drew attention to Saylor's landmark statement in a recent post on X. Saylor had stated at the time that “the economic function of Bitcoin is to provide property rights to 8 billion people.”
Saylor's statement came at a crucial time, amid a “bear market” triggered by macroeconomic factors and flaws within the cryptocurrency industry, initiated by the collapse of Terra Luna in May 2022.
Bitcoin refused to trade around $20,000 at the time Saylor made his statement.
Saylor’s statement highlights Bitcoin’s potential beyond mere investment speculation, highlighting its role in empowering people globally through secure and decentralized property rights.
Bitcoin has more than tripled since Saylor's statement and is currently trading at $67,202.
Bitcoin is up 600% since Saylor started buying Bitcoin
Saylor began buying bitcoin in 2020 as a hedge against inflation and as an alternative to cash. Saylor's company, MicroStrategy, has repeatedly turned to the debt market to buy more bitcoin this year, spending more than $2.4 billion on the cryptocurrency in 2024 alone.
The firm has now accumulated 226,331 bitcoins worth over $13.3 billion, and the value of bitcoins has increased by 600% since the start of its acquisition in 2020; meanwhile, Microstrategy (NASDAQ:) stock has soared by around 1,000% since that time period. The enterprise software company has spent $8.3 billion on bitcoins alone, resulting in a paper gain of 80% of its assets.
Weeks ago, MicroStrategy, the largest publicly traded corporate Bitcoin shareholder, announced a 10-for-1 stock split to make shares more accessible to investors and employees.
This article was originally published on U.Today
