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Michael Saylor has invested over $1 billion of MicroStrategy's funds in Bitcoin. The software CEO-turned Bitcoin whale explains why he is making such a massive bet on the digital asset.

Michael Saylor has invested over $1 billion of MicroStrategy's funds in Bitcoin. The software CEO-turned Bitcoin whale explains why he is making such a massive bet on the digital asset.

"I literally went to bed with anxiety, worried that when I woke up the price was going to shoot through the roof because people were going to realize that this is the perfect safe-haven engineered store of value," Michael Saylor said.
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Michael Saylor is the chief executive officer of business intelligence and software firm MicroStrategy, which has plowed over $1 billion of its funds into bitcoin.




In a recent "SALT Talks" interview with SkyBridge founder Anthony Scaramucci, Saylor recounted how he went from a bitcoin skeptic to its "most important proselytizer."




Saylor also shared the eureka moment that changed his beliefs about bitcoin and laid out the hurdles that the digital asset still has to jump through to become the "newest institutional safe-haven asset."




Visit Business Insider's homepage for more stories.


It took the COVID-19 crisis for "a big tech enthusiast" like Michael Saylor to become seriously interested in bitcoin. Saylor, the chief executive of business intelligence and software company MicroStrategy (MSTR), raised some eyebrows when he deployed $250 million of its balance sheet to buy bitcoin in August last year. The purchase marked the first time a publicly traded company invested in bitcoin as part of its capital allocation strategy. In September, he upped the ante and bought another $175 million worth of bitcoin. The move was followed by Jack Dorsey's Square (SQ), which bought 4,709 bitcoins for $50 million in October. Saylor made the boldest move in early December when he raised $650 million from a convertible bond offering and used the proceeds to buy another 29,646 bitcoins. As of December 21, MicroStrategy had spent a total of $1.125 billion on the 70,470 bitcoins that the company holds as its corporate Treasury reserve, according to an announcement.
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