In a recent interview with CNBC, MicroStrategy CEO Michael Saylor revealed the time when he initially thought Bitcoin was like “online gambling” and dismissed it as a risky investment. Saylor, who has become one of the biggest advocates for the cryptocurrency in recent years, shared a candid moment from his early days of learning about Bitcoin and how his perception of the digital asset has since drastically changed.
Saylor recalled that back in 2013, he first heard about Bitcoin from his nephew, who was interested in the emerging technology. At the time, Saylor admitted that he was skeptical of Bitcoin and saw it as a form of online gambling rather than a legitimate investment. He dismissed the idea of putting his money into a virtual currency that he did not fully understand, and instead chose to focus on traditional investments.
However, as Bitcoin continued to gain momentum and attention in the years that followed, Saylor’s outlook on the cryptocurrency shifted. In December 2020, he made a bold move by investing $1.3 billion of MicroStrategy’s corporate treasury into Bitcoin, a decision that has paid off immensely as the price of the digital asset has surged to record highs.
Saylor explained that his initial skepticism of Bitcoin was due to a lack of understanding of its underlying technology and potential. He admitted that he was not well-versed in cryptocurrency and blockchain at the time, which led him to view Bitcoin as a high-risk, speculative investment. However, as he delved deeper into the mechanics of Bitcoin and blockchain technology, Saylor began to see the value and potential of the digital asset.
Now, Saylor is a vocal advocate for Bitcoin and has become a prominent figure in the crypto industry. He regularly appears on mainstream media outlets to discuss the benefits of Bitcoin as a store of value and a hedge against inflation. Saylor’s massive investment in Bitcoin has also helped to legitimize the cryptocurrency as a corporate treasury asset, with other companies following suit and allocating a portion of their cash reserves to Bitcoin.
As Bitcoin continues to gain mainstream acceptance and adoption, Saylor’s journey from skeptic to believer serves as a testament to the transformative power of cryptocurrencies. His story highlights the importance of educating oneself on emerging technologies and being open to new investment opportunities, even if they seem unconventional at first glance. Saylor’s evolution from viewing Bitcoin as “online gambling” to embracing it as a revolutionary asset class is a testament to the potential for growth and innovation in the ever-evolving world of finance.