"If you want to win, you need a Bitcoin strategy" — that's how Michael Saylor, the CEO of MicroStrategy and one of the main players in the crypto market, titled his new post on X.
Saylor is known for his extremely bullish views on the major cryptocurrency, which he doesn't forget to confirm with almost daily Bitcoin-focused statements on social media, sometimes viral, sometimes unconventional, sometimes shocking and sometimes insightful, which have already become part of the crypto market lore.
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The most recent one, however, is more insightful, as Saylor plotted the performance of MSTR stock against other top-performing stocks in the S&P 500, the main index of the U.S. stock market.
If you want to win, you need a #Bitcoin Strategy. pic.twitter.com/nFDYSNNurh
— Michael Saylor⚡️ (@saylor) October 13, 2024
According to him, MicroStrategy had its best stock performance since August 2020, when the software maker adopted the Bitcoin strategy. To put this in perspective, MSTR is up 1,620% year to date, while its nearest competitor, Nvidia, is up 1,107%, and that's despite all the artificial intelligence hype.
Bitcoin strategy
The essence of MicroStrategy's and Saylor's approach is simple — buy Bitcoin. As a result of such regular purchases of the cryptocurrency, the company has become one of the largest holders of Bitcoin in four years, with 252,220 BTC on its books, bought at an average price of $39,292.
At the moment, this colossal amount of Bitcoin brings the company around $5.85 billion in unrealized profits.
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The result is clear to see, and despite the bear market we've seen throughout 2022 and beyond, Saylor & Co has not stopped buying Bitcoin, and that is perhaps the unspoken part of the strategy, as you need to be prepared for the toughest times along the way.
