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.
Strategy Inc. became the first publicly listed firm to implement such a corporate bitcoin strategy, marking a turning point in institutional adoption.
The company is now the world’s largest corporate holder of bitcoin, with holdings valued at more than $59 billion according to industry data.
Saylor has since emerged as one of bitcoin’s most outspoken advocates through frequent public appearances and social media commentary.
His level of conviction has drawn attention across markets, including a widely shared remark urging investors to prioritise holding bitcoin above all else.
Sell a kidney if you must but keep the Bitcoin.
Michael Saylor said.
When recently reminded of his 2013 warning, Saylor openly acknowledged that his earlier stance was wrong.
He described the prediction as a “₿ig Mistake,” signalling how far his views have evolved alongside bitcoin’s growth.
Shares of Strategy Inc. closed 0.53% higher at $158.71, though the stock remains down more than 45% year to date.
Market data shows Strategy shares displaying weak momentum compared with other crypto-linked equities.
The contrast between Saylor’s past scepticism and present advocacy highlights the broader shift in institutional attitudes towards digital assets.
At the time of reporting, Bitcoin price was $87,757.07.