Earlier this Sunday, MicroStrategy co-founder Michael Saylor took to social media to celebrate the fourth anniversary of the company’s bold Bitcoin bet.
On Aug. 11, 2020, the relatively obscure business intelligence firm, whose shares had been stagnant for years, sent shockwaves across the entire crypto industry by adopting Bitcoin, the leading cryptocurrency, as its primary treasury reserve asset.
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The company, which was founded back in 1989, went public in 1998 and then saw its stock surge thousands of percent the following year. It became one of the stocks that gained prominence during the dot-com craze in the late 90s.
However, in early 2000, the company’s shares collapsed due to a revenue restatement. This came after the SEC issued new guidelines for reporting revenue due to some concerns about high-tech firms artificially boosting their numbers.
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The accounting scandal proved to be extremely costly for Saylor. In fact, he became known as the first person to lose $6 billion worth of wealth in a single day.
After languishing for nearly two decades, the stock ended up recovering following Saylor’s Bitcoin gamble.
In fact, as noted by Saylor, MicroStrategy has managed to outperform 499 out of 500 stocks in the S&P 500.
As reported by U.Today, the MicroStrategy (MSTR) stock was added to the much-coveted the MSCI World Index earlier this year after outperforming Bitcoin.
However, the company reported a loss of $102.6 million in the previous quarter, which is why it is not eligible for the prestigious S&P 500 index for now.
Saylor recently confirmed that MicroStrategy would continue buying Bitcoin.