Bitcoin historian Pete Rizzo drew attention to Saylor’s historical statement in a recent X post. Saylor had stated at the time that “Bitcoin’s economic function is to provide property rights to 8 billion people.”
Saylor’s statement then came at a crucial time, amid a “bear market” brought on by macroeconomic factors and failures within the crypto industry – initiated by Terra Luna’s collapse in May 2022.
Bitcoin declined to trade around $20,000 at the time Saylor made his statement.
Saylor’s declaration highlights Bitcoin’s potential beyond mere investment speculation, highlighting its role in empowering individuals globally through secure, decentralized property rights.
Bitcoin has risen more than threefold since Saylor’s statement and currently trades at $67,202.
Currently, the firm has amassed 226,331 Bitcoin worth over $13.3 billion, with Bitcoin up 600% from the start of its acquisition in 2020; meanwhile, Microstrategy (NASDAQ:MSTR)’s shares have skyrocketed around 1,000% since this time frame. The enterprise software company has only spent $8.3 billion on Bitcoin, resulting in an 80% paper gain on its assets.
Weeks back, MicroStrategy, the largest publicly traded corporate holder of Bitcoin, announced a 10-for-1 stock split to make shares more accessible to investors and employees.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
