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Ten years ago, Michael Saylor feared Bitcoin Could fail

Bitcoin: Ten years ago, Michael Saylor feared Bitcoin Could fail

A decade ago, MicroStrategy CEO #Michael Saylor expressed skepticism about Bitcoin, warning about possible regulatory threats. However, in the years that followed, Bitcoin not only survived but thrived, becoming the fastest-growing asset class of the 21st Century.

MicroStrategy, a recognized leader in enterprise analytics and mobility software, made a significant pivot in 2020 by investing in Bitcoin. Since then, the company has been on a remarkable journey, accumulating a substantial Bitcoin portfolio and exploring Bitcoin-related services.

During Q3 2023, #MicroStrategy added 6,067 Bitcoins to its portfolio, bringing its total to 158,400 BTC. The firm spent an estimated $167 million on the acquisition, reflecting an average price of $27,531 per Bitcoin. By the end of November 2023, MicroStrategy's #Bitcoin holdings had further increased to 174,530 BTC, which is nearly 1% of Bitcoin's circulating supply.

MicroStrategy's aggressive acquisition strategy has paid off, with the current Bitcoin price hovering around $37,700. The company's Bitcoin portfolio is now worth more than its initial purchase price, resulting in a profit margin of approximately $1.3 billion. This remarkable profitability showcases the potential of Bitcoin as an asset class, even amidst market fluctuations.

In addition to building a substantial Bitcoin portfolio, MicroStrategy is actively exploring Bitcoin-related services. In 2022, the company announced the development of an enterprise plugin for Bitcoin's Lightning Network, demonstrating its commitment to integrating and leveraging Bitcoin technology in its business operations.

MicroStrategy's journey in the crypto market reflects the evolving dynamics of the industry. From expressing concerns over Bitcoin's regulatory outlook to becoming one of its largest institutional investors, the company has emerged as one of the most successful players in the space.

Overall, MicroStrategy's story serves as a testament to the transformative power of Bitcoin and highlights the potential for businesses to embrace cryptocurrencies as a strategic investment and technological tool.

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