Michael Saylor is the founder and CEO of Microstrategy, a business analytics software firm. He is one of the biggest crypto proponents of crypto along with Twitter founder and CEO Jack Dorsey and Elon Musk, founder and CEO of Tesla.
In a recent report by Forbes, Saylor has a net worth of $2.4B and ranked as number 4 of the media outlet’s Crypto List of 2021. His wealth can be highly attributed to his heavily investing in crypto particularly in BTC (bitcoin). But despite his huge possession of the cryptocurrency, he is not a bitcoin maximalist like Jack Dorsey. To date, his company strategy has total bitcoin holdings of 114,042 bitcoins purchased at an average price of $27,713. On Oct. 4, after breaching the $50K mark, the most dominant cryptocurrency continues on an upward trend despite its price swings.
Aside from his company’s bitcoin holdings, he also admitted personally owning 17,732 BTC which he purchased at an average of $9,882 each. With BTC (bitcoin) price at $$ 57,444, he now has a huge profit of more than $49,000 per bitcoin and earned almost 500% of the original price. Also, he has been an active supporter in a move to provide solutions on the issue of bitcoin mining’s effect on the environment by looking for renewable energies for the cryptocurrency. But what was his motivation in being involved in crypto as an investor? Before delving more into his crypto passion, let’s have a brief overview of his personal background and his former profession before joining the crypto space.
Getting to Know Michael Saylor
Saylor has been a constant figure in the crypto market. A constant headliner with his bitcoin shopping spree. Not only did he buy during dips but on one occasion he bought Bitcoin before it reaches its all-time high. Not a traditional player should we say. With his stature, he is undeniably one of the most influential personalities in the crypto world today. With his overflowing charisma, he was able to convince Elon Musk to include BTC (bitcoin) in Tesla’s portfolio. But was he always charismatic and influential just like the way he is today? Let’s get to know the young Saylor to get a glimpse of what he was before.
Michael Saylor was born to a military family in Lincoln, Nebraska, in 1965. Although he spent his childhood living on various U.S. Air Force bases around the world, his family finally settled at Wright-Patterson Air Force Base near Dayton, Ohio.
Saylor has been an outstanding student during his high school days and graduated first as valedictorian of his class. He later attended the Massachusetts Institute of Technology (MIT) on a full Air Force Reserve Officer Training Corps scholarship where he took up two degrees in aeronautics and astronautics as well as science, technology, and society. He graduated with the highest honors in 1976.
In 1987, he became a consultant of The Federal Group, Inc. where he engaged in computer simulation modeling for a software integration company. In 1988, he joined Du Pont where he developed computer models to help the company predict change in its key markets and later on predicted the recession in many of DuPont’s major markets in 1990.
At the age of 24, with his passion for technology, business, and the use of computer simulations, he founded MicroStrategy. In 1988, the company went public through an initial public offering. It has become the largest independent publicly-traded business intelligence company, with the leading enterprise analytics platform.
Aside from being an entrepreneur, Saylor is also an inventor and received 40 patents for his work. He founded Alarm.com, one of the first home automation and security companies, and Angel.com, one of the first cloud-based interactive voice response service providers. The company was later sold to Genesys Telecommunications Laboratories for $110 million in 2013.
Saylor wrote the book The Mobile Wave: How Mobile Intelligence Will Change Everything published in 2012. The book was ranked number seven on the New York Times Best Seller list and number five on the Wall Street Journal’s Best-Sellers list in 2012.
He is also a philanthropist and in 1999, he founded the Saylor Academy formerly known as The Saylor Foundation as the sole trustee. The foundation has already provided free college education and continuing professional development courses to 650,000 students worldwide.
When and how was he able to squeeze in his passion for crypto with his very busy schedule?
Saylor’s Dip on Crypto
In August 2020, Saylor announced his company’s first purchase of 21,454 bitcoins at $250M including fees and expenses. In September 2020, the company purchase an additional $175M worth of bitcoins and has continued buying especially when the price dips. But due to Saylor’s aggressive bitcoin buying, Microstrategy’s stock price declined.
But like a true crypto proponent, Saylor was unfazed by the criticisms thrown at him and the damage caused by his crypto passion on his company. The crackdown by the Chinese government on bitcoin mining citing its environmental effect as a reason has resulted in a market crash. Bitcoin miners in the country fled to other countries with cheap resources like Kazakhstan and Texas to dodge the crackdown and continue with their operations.
The need for cheap and renewable resources for bitcoin mining has sparked a long time debate on the carbon footprint and energy consumption as a result of mining the cryptocurrency. Saylor on the frontline has created the Bitcoin Mining Council along with major North American bitcoin mining companies. The council was created to “promote energy usage transparency and accelerate sustainability initiatives worldwide.”
Cryptocurrencies are highly volatile but despite this, but Saylor views his bitcoin holdings as long-term tech and savings investments. And although has recorded multiple all-time highs which could have been an opportunity for Saylor to gain huge profits, he is not selling his bitcoins. In a report by CNBC, he believes that bitcoin is not the only cryptocurrency that will flourish. He stated:
“You’re going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the finance establishment.”
He further adds:
“I think that as the market starts to understand these things, there’s a place for everybody.”
Cryptocurrencies have different use cases and have already spanned to the real world. Institutional investors like Saylor’s Microstrategy view BTC (bitcoin) as a store of value and a hedge against inflation. And the adoption was growing at a very fast rate and has even reached a national level. El Salvador has adopted Bitcoin as legal tender and is the first country to do so. And in recent reports, the country has successfully launched its volcano-powered bitcoin mining.