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Why did MicroStrategy CEO Michael Saylor turn to bitcoin?

MicroStrategy CEO Michael Saylor turned to bitcoin to help his struggling software company. Alyssa Schukar for The Wall Street Journal If you ask Michael Saylor why he bet the future of his company on bitcoin, he’ll tell you he didn’t have a choice.

How much bitcoin does MicroStrategy own?

In 2020, MicroStrategy acquired $250 million in Bitcoin, and as of June 30th, 2022, MicroStrategy reports it currently holds $1.988 billion in Bitcoin.

Why did MicroStrategy lose $1 billion in Q2?

MicroStrategy co-founder Michael Saylor gave up his chief executive officer title and said he'll focus more on Bitcoin after the enterprise-software maker reported a loss of more than $1 billion related to the second-quarter plunge in the price of the cryptocurrency.

What happened to bitcoin in 2022?

Being a Bitcoin advocate, Saylor always doubled down on acquiring Bitcoin. Under his leadership, the company acquired $250 million in Bitcoin in 2020, and it reported holding $1.988 billion in Bitcoin as of June 30th, 2022. The ongoing crypto winter has, however, plunged the price of Bitcoin, which is now less than half of its peak price.

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