Michael Saylor will turn more to his Bitcoiner duties after stepping down as CEO of his company, MicroStrategy.
Saylor, will continue to serve as executive chairman and MicroStrategy President Phong Le will take on the chief executive role.
“As global adoption of digital assets accelerates, this is becoming an ever more expansive job and I am comfortable increasing the scope of my advocacy efforts knowing that the execution of the MicroStrategy business plan rests in the capable hands of Phong,” Saylor said on a conference call after results were released.
Founded in 1989 by Saylor, MicroStrategy went on to acquire immense success and share-value worth billions of dollars in only 10 years.
Saylor being a majority shareholder, earned most of the fortune and climbed up to the billionaire league.
Acquiring $250 billion worth of bitcoin in July 2020, he is the first corporate leader to deploy a bitcoin strategy. A highly contentious move in the eyes of fellow company shareholders, business associates and fans at large who fear bitcoin’s volatility.
MicroStrategy amassed approximately 130,000 bitcoin over the last four years, with the bulk of those purchases being executed at record highs. The company’s share value has dropped nearly 57% in the last year, leaving investors frustrated. On the other hand, investors who are optimistic about the future potential of bitcoin aren’t concerned:
Saylor was heard dismissing bitcoin entirely back in 2013 but quickly became a thought leader after he took the orange pill.
Against all the criticism, he bought more bitcoin to have holdings that in total cost him, by November 2021, north of $1 billion.
Despite bitcoin’s price-value drop to staggering lows over the past eight months, Michael Saylor is not fazed. Being of an engineering background involving the thermodynamics of aeronautics and astronautics, no doubt, he has a strong scientific rationale for why Bitcoin is the future of money and an all wise investment.
He speaks astutely on Bitcoin’s energy-value while on podcasts and while off them, continuously reminds his loyal fanbase on social media to “buy the dip”, stack sats and stay humble.
Currently, the global economy is going through a micro recession wrought by high price inflation (that was caused by poorly managed credit expansion during the pandemic period and way before), the war between Russia and Ukraine, amongst other troubles.
The upswing that bitcoin is expected to exhibit might not be here for a while. Maybe, by spending more time to promote Bitcoin, he hopes to give the currency that much-needed oomph to absorb a critical level of the global economy’s liquid wealth before said economy sinks any further.
This will in turn make for a swift but less painful drop to the bottom of this big bearish cycle before any more time, energy and resources are wasted trying to keep propped up business models, ideas and systems (like Keynesianism) whose time ran out yesterday.
Fans on Twitter are optimistic that Saylor’s “laser focus” on bitcoin could help bitcoin adoption immensly.