Michael Saylor's Bitcoin Gamble Turns Four, Shocks Global Markets

In honor of the passing of four years since MicroStrategy's daring Bitcoin wager, co-founder Michael Saylor celebrated on social media earlier this Sunday.

Four years ago, Michael Saylor made the audacious decision to bet big on Bitcoin as MicroStrategy's primary reserve asset. Now, the company's stock performance stands as a testament to the gamble's impact.

To mark the occasion, Saylor took to social media on Sunday, celebrating the anniversary of MicroStrategy's daring Bitcoin wager.

The business intelligence firm's adoption of Bitcoin as its principal treasury reserve asset sent ripples through the global crypto market on August 11, 2020. At the time, the company was relatively unknown and its shares had been floundering for years.

As U.Today reports, the company's stock soared by thousands of percent in 1999, the year after it went public. The firm was founded in 1989. This made it one of the many stocks that rode the wave of the dot-com boom in the late 1990s.

However, the stock crashed in the early 2000s after the company was forced to restate its revenue. The SEC introduced new rules for reporting revenue amid concerns that some high-tech companies were inflating their sales figures.

Saylor lost a fortune due to the accounting fraud. In fact, he became known for being the first person to lose six figures in a single day.

MicroStrategy's Stock Recovers After Two Decades of Stagnation

The stock eventually recovered after nearly two decades of being stagnant—thanks to Saylor's Bitcoin bet.

Saylor noted that MicroStrategy has outperformed 499 out of the 500 stocks in the S&P 500. Earlier this year, MicroStrategy (MSTR) stock was added to the coveted MSCI World Index after outperforming Bitcoin. The company, however, still does not qualify for the prestigious S&P 500 index due to its $102.6 million quarterly loss.

Recently, Saylor opened up about MicroStrategy's plan to continue buying Bitcoin.