Michael Saylor's Bitcoin Insight at $20,000 Still Rings True: Details

Michael Saylor's Bitcoin Insight at $20,000 Still Rings True: DetailsJul 24, 202420:35 GMT+5:30BTCUSDC+1.53%XBTETH.P+1.39%BTCUSDT+1.01%Exactly two years ago, Michael Saylor, the chairman and cofounder of MicroStrategy, made a bold statement about the power of Bitcoin.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."✨ Billionaire Michael Saylor on the power of #Bitcoin, exactly 2 years ago.True at $20k, true today 💫 pic.twitter.com/R0wXiiNpJJ— The Bitcoin Historian (@pete_rizzo_) July 24, 2024

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.

Bitcoin up 600% since Saylor started buying Bitcoin

Saylor started buying Bitcoin in 2020 as an inflation hedge and alternative to cash. Saylor's company, MicroStrategy, has repeatedly tapped the debt market to buy more Bitcoin this year, spending more than $2.4 billion on the cryptocurrency in 2024 alone.

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'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.