Lionel Laurent, Columnist

Bitcoin's Laser-Eyed King Is Blind to $1 Billion Loss

MicroStrategy is delaying the inevitable on its cryptocurrency bet, with some hair-raising justifications.

August 3, 2022 at 12:15 PM UTC

Lionel Laurent is a Bloomberg Opinion columnist writing about the future of money and the future of Europe. Previously, he was a reporter for Reuters and Forbes.

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MicroStrategy Inc. is two things: a publicly listed enterprise-software company whose annual revenue has barely budged in five years, and a publicly listed Bitcoin trading vehicle that has borrowed money to buy volatile cryptocurrency and lost a cumulative $2 billion in the process.

The results of this dodgy experiment have been scary — all the more so because of leader Michael Saylor’s willful blindness to the consequences.