Some of the biggest and brashest figures in crypto have faced staggering losses in this current downmarket. Multiple crypto companies have filed for bankruptcy, and more than one high-flying crypto CEO has found themselves out of a job.
Case in point: Michael Saylor, the co-founder and former CEO of a software services firm called MicroStrategy. But software isn’t what made the company a household name among Bitcoin believers. Saylor’s decision to use the company’s balance sheet to bet big on Bitcoin back in 2020 is really what catapulted Microstrategy into the headlines. For a while, as Bitcoin prices rallied, that $250 million dollar bet looked like a genius move. But as prices fell, MicroStrategy found itself facing significant losses. What does this loss mean for the future of MicroStrategy, and for Michael Saylor?
For more, Bloomberg senior editor Dave Liedtka and Bloomberg accounting specialist Tom Contiliano join this episode to discuss what happened at MicroStrategy.
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Case in point: Michael Saylor, the co-founder and former CEO of a software services firm called MicroStrategy. But software isn’t what made the company a household name among Bitcoin believers. Saylor’s decision to use the company’s balance sheet to bet big on Bitcoin back in 2020 is really what catapulted Microstrategy into the headlines. For a while, as Bitcoin prices rallied, that $250 million dollar bet looked like a genius move. But as prices fell, MicroStrategy found itself facing significant losses. What does this loss mean for the future of MicroStrategy, and for Michael Saylor?
For more, Bloomberg senior editor Dave Liedtka and Bloomberg accounting specialist Tom Contiliano join this episode to discuss what happened at MicroStrategy.
Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts
#Bloomberg #Podcast #Crypto
Visit us: https://www.bloomberg.com/podcasts
Follow Bloomberg Podcasts on Twitter: https://twitter.com/podcasts
Visit our other YouTube channels:
Bloomberg Markets & Finance: https://www.youtube.com/channel/UCIAL...
Bloomberg Politics: https://www.youtube.com/c/BloombergPo...
Bloomberg Technology: https://www.youtube.com/c/BloombergTech
Quicktake Originals: https://www.youtube.com/user/Bloomberg
Quicktake Now: https://www.youtube.com/channel/UChir...
Quicktake Explained: https://www.youtube.com/bloombergexpl...
For coverage on news, markets and more: http://www.bloomberg.com/video
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Francisco Gimeno - BC Analyst The life and deeds of Michael Saylor is a good example fo what a BTC maximalist is. Stronly buying BTC for some years for his company he had to move from the CEO chair to other position in MicroStrategy. He is strongly betting about it, BTC being for him the only coin which really has a future. Interesting to see how he did start all this and how for so long he has been applauded until the crypto winter came and his company lose so much money (among other things because accountancy with crypto is not yet codified so what is counted as losing value is a loss and that is, end of the point). This podcast talks about a piece of history on the first iteration of what crypto is. Whether you are a BTC maximalist or not, worthy to watch.