Michael Saylor, co-founder of Strategy Inc., is now one of Wall Street’s most vocal bitcoin supporters despite once publicly predicting that the cryptocurrency’s days were numbered.
In a post on social media platform X dated December 19, 2013, Saylor warned that bitcoin would likely collapse in a manner similar to online gambling.
Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.
Michael Saylor said.
At the time, his view closely mirrored criticism from prominent traditional finance figures who questioned bitcoin’s long-term value.
Veteran investor Warren Buffett later echoed similar concerns, describing bitcoin in April 2023 as a gambling token with no intrinsic worth.
Economist Nouriel Roubini, often referred to as Dr Doom, also compared cryptocurrency investing to gambling in an unregulated casino in a 2019 opinion piece.
Saylor’s early comments placed him firmly among high-profile bitcoin sceptics during the asset’s formative years.
However, his position shifted dramatically less than seven years after his 2013 remarks as his company adopted bitcoin as its primary treasury reserve asset.