Michael Saylor, co-founder of MicroStrategy, took to X to mock the Wall Street Journal (WSJ) after Bitcoin hit a new record high.
In a recent post, Saylor recalled a 2022 WSJ article that had been highly critical of his bold decision to invest billions of dollars in Bitcoin, which was then painted as a risky gamble.
That article came out just after Saylor stepped down as MicroStrategy’s CEO in Aug. 2024, when the company had posted a $1.44 billion loss and its stock had fallen by nearly 50%.
The WSJ report at the time included predictions from financial analysts that MicroStrategy might struggle to pay back its creditors if Bitcoin’s price didn’t recover. Back then, Bitcoin was valued at around $20,000, and it later plummeted to $16,000 following the FTX crisis.
The analysts warned that Saylor’s massive bet on Bitcoin might even sink MicroStrategy entirely. But, instead, 2024 has seen Bitcoin’s value surge by more than 115%, reaching new highs as Donald Trump wins the 2024 election and driving MicroStrategy’s stock up by over 400%, proving many of those early predictions wrong.
Saylor’s response comes as MicroStrategy’s stock has outperformed Bitcoin itself, benefiting greatly from the cryptocurrency’s growth. MicroStrategy now holds around 214,000 Bitcoin, valued at over $7.4 billion.
Looking forward, MicroStrategy plans to continue its Bitcoin investment strategy and even increase its holdings, with the potential for a $42 billion purchase.
Also Read: Michael Saylor Pitches Bitcoin Offer to Microsoft CEO
