The head of Nasdaq-listed MicroStrategy, Michael Saylor, predicted Bitcoin’s demise seven years ago. This week, his firm invested $250 million in the cryptocurrency.
In late 2013, when BTC traded at around $700, Saylor forecast its imminent collapse.
#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.
— Michael Saylor (@michael_saylor) December 19, 2013
“The days of Bitcoin are numbered. It seems like just a matter of time before it shares the fate of online gambling,” he wrote.
Seven years later, Saylor radically changed his stance. A week ago MicroStrategy announced plans to invest part of its capital in Bitcoin, gold and other alternative assets. At the time, the total amounted to $250 million.
On Tuesday, August 11, the firm announced the purchase of 21,454 BTC (about $250 million at the rate on the day of the deal). Saylor then emphasized that Bitcoin is a more reliable alternative to the US dollar. On the day of the announcement, the company’s shares rose 14.6%.
Saylor is not the first to radically change his stance on cryptocurrency. In late May, Goldman Sachs said that Bitcoin and other digital currencies are not a class of assets. Earlier, representatives of the firm discouraged clients from investing in cryptocurrency.
Last week, the bank’s new head of the digital-asset department, Matthew McDermott said that the firm is considering issuing its own stablecoin.
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