Microstrategy Goes Full Bitcoin
At this point, everyone in crypto has heard the name MicroStrategy. They're the first high profile public company to add Bitcoin to their balance sheet.
If you remember how the original story played out, the release of notice that they bought Bitcoin was actually just slipped in with their regular filings. MicroStrategy and their CEO, Michael J. Saylor didn't intend on this being a huge news story just waiting to go viral.
The crypto community being crypto, they made this a huge news story and ensured that it reached internet fame. This is actually a huge turning point for Bitcoin and while MicroStrategy is far from the most high-profile "win" for the crypto space, it's still a high enough profile win to make a difference.
I listed to Pomp's podcast where he interviewed Saylor. It was an interesting interview, but one of the major takeaways that I got from it was that Saylor is an opportunist at heart. He finds diamonds in the rough, dusts them off and isn't afraid to wait decades for the ultimate payoff.
Another great takeaway - which I shared on Twitter at the time - was that Saylor was the one who sold EOS (and Dan Larimer) the voice.com domain for $30,000,000 USD... a huge win and one that hits close to home as I've been familiar with Dan and his work for the past near-half decade on Steem and Hive.
When opportunity arises, Saylor heeds the call.
I just saw this page tweeted out and had a few thoughts. Michael Saylor is quickly becoming a major Bitcoin bull; not just in terms of how much Bitcoin he actually bought (personally/through his company) but also in terms of in being a public proponent of Bitcoin.
Saylor isn't your typical Bitcoin shill. He's an older guy, clearly an experienced businessman (in the Pomp interview, he said he was the longest standing CEO of any public company) and has a tempered demeaner.
Contrasted with your typical Bitcoin "representative" and I think it's a nice change of pace. Same goes for people like legendary investor Paul Tudor Jones who recently started talking about Bitcoin earlier in 2020.
Early Stages
We're still in the early stages of Bitcoin hitting the real mainstream. Right now, crypto is still a tiny industry. Not even a trillion USD yet. On a relative scale, that's truly tiny.
Bitcoin remains my largest holding in terms of assets, but in terms of where I spend my time; not so much. I love Bitcoin and actually look at it as a safe investment for the long-haul. It's just not something where you can spend a ton of time - not like LEO or HIVE where you can actually use it on a daily basis.
I take my "risk" on projects outside of BTC. LEO, HIVE, BAT, (more recently, RUNE) and a few other non-crypto endeavors.
The world of investing has become a more interesting landscape recently. Access to information is becoming increasingly widespread and many "regular folk" are waking up to the realities of a broken financial system.
It seems that everything is coming together for Bitcoin and the more MicroStrategy-esque investors that we can get on board, the better.
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I spent a couple decades selling IT software and services and know MicroStrategy well legit and forward thinking company way back then and they have survived a couple decades of mergers and acquisitions.
So great to have a corporate software brand name and big company jump on board. I wonder what cards will fall next.
I would have thought this early majority adoption would have kicked off sooner with many other big names jumping in but I am glad for the patience and gradual fomo shaking.
Awesome stuff man.
Things are expanding rapidly. We are seeing more attention coming from all aspects of the industry. It no longer is a one horse race. There are a ton of projects garnering attention.
In the next year, I think we see more advancement in the industry than we saw over the past 5 years. That is how quickly things are moving.
This will not be the last major corporation to get involved in Bitcoin or other cryptocurrencies. We will see others following suit.
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Imagine the investment manager black rock invest in bitcoin it is incredible.
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Three other reputed investors deciding in favour of crypto assets would definitely swing lots of heads towards crypto as a cash reserve option in the near future.
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I don’t think saylor is risking much in relative terms he was cash rich but the company wasn’t doing anything with it and he did the math on stock but backs and it still wasn’t a good enough return
He was getting punished for having a strong balance sheet so it was really the only trade that made sense for his companies unique situation but it was well done! The way he bought in gives him a buffer against atleast a 10% downturn in price and he has a whole lot of potential upside to go
His company still kicks off 30 mil a year so even if it goes to zero they’ll be fine! Now if BTC let’s say doubles in the next few years he can use that balance sheet take out debt capture his competitors up stream and downstream and then service the debt with his new revenue streams
check out his interview with raoul paul on realvision, its a bit longer and he says a lot of the same but there is a bit more macro info in there