Michael Saylor is already known as a bitcoin optimist. Last year he left his CEO position at MicroStrategy to focus primarily on the company’s Bitcoin acquisition strategy as Executive Chairman. Since then the situation has improved somewhat.
• Michael Saylor will step down from CEO post in August 2022 to become Executive Chairman at MicroStrategy
• MicroStrategy has increased bitcoin holdings
• Saylor with an optimistic forecast for Bitcoin
Why Micheal Saylor left his post
In 1989, Michael Saylor founded the software company MicroStrategy. However, about a year ago, he gave up his position as the company’s CEO to eventually become executive chairman and focus on bitcoin investing. “I believe splitting the roles of Executive Chairman and CEO will allow us to better track our dual corporate strategies of acquiring and holding Bitcoin and growing our business analytics software business,” he said at the time, according to CNBC. So while Saylor can focus primarily on the company’s Bitcoin acquisition strategy and associated Bitcoin interest initiatives, his successor Phong Lee was given the authority to oversee all company operations. These changes came at a time when both the stock and Bitcoin were struggling with falling prices.
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A year later: MicroStrategy tops up bitcoin holdings
A year after the job change, the situation has now improved again. Since Saylor stepped down from his CEO post last year, bitcoin has rebounded. At the time of his resignation, Bitcoin was trading at around $22,710. In the meantime, the price of the coin has recovered by around 18 percent and is around 29,160 US dollars (as of August 15, 2023). The rebound in Bitcoin price has significantly reduced losses on MicroStrategy’s crypto holdings, which totaled around $1 billion. As Coindesk recently reported, everything now indicates that the company will use it to further expand its Bitcoin supply. So Saylor has already increased. MicroStrategy currently owns 152,800 bitcoins, up from 129,699 when Saylor left the CEO post. The company is almost back in the black with Bitcoin.
Michael Saylor as Bitcoin bull
Additionally, Saylor remains bullish on the world’s largest cryptocurrency. Just a few weeks ago, in an interview with “Bloomberg Crypto”, he explained that he believes the strict regulation by the US authorities will have a positive effect on the cryptocurrency. He believes that Bitcoin will almost double its market share in the future. However, Saylor’s statements are not surprising. He has long been known as the Bitcoin bull.
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