Cryptocurrencies

The Highs and Lows of Being a Bitcoin Maximalist

Michael Saylor bet big on Bitcoin as MicroStrategy’s CEO, but when the downturn came, so did the consequences.

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By Victoria Vergolina

August 25, 2022 at 9:00 AM UTC

This article is for subscribers only.

Some of the biggest and brashest figures in crypto have faced staggering losses as markets slumped. Multiple crypto companies have filed for bankruptcy and more than one high-flying crypto CEO has found themselves out of a job.

Case in point: Michael Saylor, the co-founder and former CEO of a software services firm called MicroStrategy. Saylor’s decision to use the company’s balance sheet to bet big on Bitcoin back in 2020 catapulted Microstrategy into the headlines. For a while, as Bitcoin prices rallied, that $250 million dollar bet looked like a genius move. But as prices fell, the firm found itself facing significant losses.