Gate News bot news, Strategy founder Michael Saylor stated that the restrictions during the pandemic and the monetary policy of the Central Bank at that time ultimately led him to invest in Bitcoin in 2020.
In an interview aired on June 9, Saylor stated that in the context of the global lockdown caused by the pandemic and the decline in U.S. interest rates, an event occurred in 2020 that he referred to as a "monetary war," after which he developed a strong interest in Bitcoin.
In an email to employees at the time, he wrote that the restrictions imposed by the pandemic were "exhausting and difficult to accept the idea of maintaining social distance and an economic hibernation."
He described 2020 as "the year of the divide between Main Street and Wall Street," where small and medium-sized enterprises and workers were "destroyed" by restrictive policies that closed stores and workplaces, while investors and the wealthy on Wall Street fared very well.
Saylor stated that his only lifeline is the 500 million dollars in cash reserves held by MicroStrategy, but due to the Federal Reserve's intervention, interest rates are close to zero, so this cash is not generating any returns. He said: "Central Banks are printing money, forcing interest rates down."
He said, "The assets I have (cash) are not performing well right now [...], so I have to choose between a quick death and a slow death, so it's time to make a decision on my position."
Saylor later, through a friend's introduction, began to study cryptocurrencies through YouTube videos, podcasts, and books, and ultimately concluded that the solution is "a non-sovereign store of value, of which gold is the best choice."
MicroStrategy first purchased BTC in August 2020, acquiring 21,454 BTC at a price of $250 million.
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Michael Saylor shares his experience of "getting into" Bitcoin in 2020.
Gate News bot news, Strategy founder Michael Saylor stated that the restrictions during the pandemic and the monetary policy of the Central Bank at that time ultimately led him to invest in Bitcoin in 2020.
In an interview aired on June 9, Saylor stated that in the context of the global lockdown caused by the pandemic and the decline in U.S. interest rates, an event occurred in 2020 that he referred to as a "monetary war," after which he developed a strong interest in Bitcoin.
In an email to employees at the time, he wrote that the restrictions imposed by the pandemic were "exhausting and difficult to accept the idea of maintaining social distance and an economic hibernation."
He described 2020 as "the year of the divide between Main Street and Wall Street," where small and medium-sized enterprises and workers were "destroyed" by restrictive policies that closed stores and workplaces, while investors and the wealthy on Wall Street fared very well.
Saylor stated that his only lifeline is the 500 million dollars in cash reserves held by MicroStrategy, but due to the Federal Reserve's intervention, interest rates are close to zero, so this cash is not generating any returns. He said: "Central Banks are printing money, forcing interest rates down."
He said, "The assets I have (cash) are not performing well right now [...], so I have to choose between a quick death and a slow death, so it's time to make a decision on my position."
Saylor later, through a friend's introduction, began to study cryptocurrencies through YouTube videos, podcasts, and books, and ultimately concluded that the solution is "a non-sovereign store of value, of which gold is the best choice."
MicroStrategy first purchased BTC in August 2020, acquiring 21,454 BTC at a price of $250 million.
Source: Cointelegraph