Michael Saylor Reveals Cost of Ignoring Bitcoin: Details

Strategy co-founder and executive chairman Michael Saylor has ignited attention in the crypto community with a bold warning for those still undecided about Bitcoin. In a striking tweet, Saylor wrote: “Own Bitcoin or serve the Silicon Overlord.”

Without Bitcoin, Saylor contends, individuals may become subjects in a digital system from which they cannot escape or influence. This viewpoint is consistent with Saylor’s Bitcoin outlook, referring to the cryptocurrency as “money” and “freedom.”

Over the last five years, Saylor has become a Wall Street and crypto industry phenomenon, transforming his business intelligence software company into the world’s first and most leveraged Bitcoin proxy.

As of June 29, Strategy held 597,325 BTC, acquired for around $42.40 billion at nearly $70,982 per Bitcoin, following a purchase of 4,980 BTC, or $531.9 million, announced at the end of June.

According to a recent Bloomberg report, Strategy recorded an unrealized gain of over $14 billion in the second quarter, putting the once-struggling business software developer turned leveraged Bitcoin proxy among the elite ranks of corporate heavyweights such as Amazon and JPMorgan Chase.

Bitcoin and Strategy shares up

Strategy’s stock has risen by more than 3,300% since Saylor began purchasing Bitcoin in mid-2020 as an inflation hedge. Bitcoin has climbed by around 1,000% during the same period, whereas the S&P 500 has increased by approximately 115%.

Bitcoin was trading at $108,025 at the time of writing, down 0.07% in the prior 24 hours after recovering to $110,000 in the previous week. The largest crypto traded at its strongest price since June 9, reaching a high of $110,590 on July 3.

July is shaping up to be a potentially volatile month for Bitcoin, with key events to look out for. July 22 marks the final deadline for action on the long-awaited crypto executive order, as well as prospective updates on the U.S. Strategic Bitcoin Reserve.