Absolutely a suspicious headline in these bottom times. With Bitcoin recently suffering its worst losing streak ever, and MSTR down 75% from its 52-week high, one can't help but think that perhaps Saylor's bitcoinism finally overstayed its welcome. And that may be the case- however, fear not Bitcoin Maxis; Saylor was essentially promoted.
On August 4th, the 57-year-old CEO relinquished his title to Phong Le as Saylor stepped into the Exectutive Chairman of the board role. Saylor is not being stopped from his Bitcoin love; he will now have more time to focus on its ultimate promotion and adoption. However, it appears to me that a distinction is being made between Saylor's famous bitcoinism, and the viability of Microstrategy as a company and security asset,
We'll will see how this continues to unfold. One has to ask, if the BTC rally had gone as planned, would Saylor still be stepping down from his CEO role? Would we be praising his genius still, rather than making him the butt of BTC Maxi jokes on Twitter?
Last month, alot more interest and development has happened Ethereum over Bitcoin. Perhaps BTC's price will stabilize and it will trade as a commodity or commodity money. But, not on the moon. Sorry Saylor.
Are you aware of Microstrategy's role in the Dot Com Bubble? Microstrategy's announcement in 2000 that they had made accounting mistakes; their stock lost 62% that day. Prior to this, Saylor's fortune was in the billions, and he was hailed as the knight of a new era crusade. He even joked about running for president. Saylor went from this to a tragic example of how instant success like this disappears overnight in the treacherous waters of brand new cutting age blue chip tech business. Much like the fall from glory that more than a few of the figureheads in crypto have recently experienced.
Jim Crammer wrote about Microstrategy, "This one popped the bubble, and forever changed Internet Mania." Essentially, MicroStrategy was Terra.
After the dot com bubble, Microstrategy essentially kept a low key profile, as their accounting mistakes lead to SEC charges being brought against them and settled, the Commision and all of Wall Street watching Microstrategy with an air of distrust. Until Bitcoin.
“After scientifically studying everything on Earth, I’ve concluded bitcoin is the best inflation hedge,”. “We buy bitcoin as fast as we can with whatever money we find lying around.” His advice as bitcoin was near its record high? “If you have bitcoin, don’t sell it. If you don’t have bitcoin, buy it. And if your bitcoin is moving around, wait.”
Sounds good right? And what experience does Saylor have "scientifically studying everything on Earth?" Oh yeah, causing the dot com bubble crash, and then also playing a role in the current crypto winter. History repeats itself; one only needs to pay attention and grow older.
What do you guys think? Is Saylor done? Is Bitcoin done? Leave a comment and [email protected]