MicroStrategy co-founder Michael Saylor has reacted to Bitcoin hitting yet another record high by taking a jab at The Wall Street Journal (WSJ) in his recent social media post.
Saylor has recalled the infamous Wall Street Journal article about how he "bet billions on Bitcoin and lost."
The doom-laden article, which was published in August 2022, came out after Saylor left his CEO role. The company's shares were down nearly 50% on a year-to-date basis back then after it reported a painful $1.44 billion loss.
An analyst quoted by the WSJ predicted that MicroStrategy might end up struggling to repay its creditors.
Alex DovbnyaBack then, Bitcoin was changing hands at just $20,000. Later that year, the leading cryptocurrency ended up plunging to as low as $16,000 during the FTX crisis.
The WSJ is not the only media outlet that was bearish on MicroStrategy. In August 2022, Fortune wrote that Saylor's audacious Bitcoin bet might sink him "once and for all."
The businessman, who founded MicroStrategy at the age of 24, is no stranger to setbacks. Of course, he famously lost as much as $6 billion in a single day in 2000 after the MicroStrategy stock plunged due to accounting issues.
However, Saylor was obviously playing the long game with Bitcoin. In 2024, the cryptocurrency is already up more than 80% on a year-to-date basis. Meanwhile, the MicroStrategy (MSTR) stock has outperformed Bitcoin, surging by more than 300% over the aforementioned period of time.
As reported by U.Today, the business intelligence firm intends to purchase $42 billion worth of Bitcoin in the future.
Earlier today, Bitcoin hit a new record high of $76,677.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin