During the COVID-19 pandemic, Michael Saylor, Executive Chairman of MicroStrategy (now Strategy), recognized the risks posed by massive government money printing and economic instability, particularly by the U.S. Treasury. He viewed these pandemic-era monetary policies as a "war on currency" and a sign that fiat money was losing value like a "melting ice cube." Reacting to these concerns, MicroStrategy pivoted significantly by investing substantial corporate treasury funds into Bitcoin (BTC).
Beginning in 2020, MicroStrategy made headlines by allocating $250 million to purchase 21,454 BTC, becoming the first publicly traded company to amass such a large Bitcoin position. Over time, through cash reserves, stock offerings, and convertible bonds, the company aggressively expanded its Bitcoin holdings. As of June 12, 2025, MicroStrategy holds approximately 582,000 BTC, making it the world’s largest corporate Bitcoin holder. Notably, some recent purchases occurred at high average prices, such as 1,045 BTC at about $70,086 each and 705 BTC at roughly $106,495 each.
Saylor’s belief is that Bitcoin represents not just a hedge but a dominant digital store of value — a form of “digital gold” but superior due to its secure, limited supply and borderless nature. This view signals a long-term strategy rather than a trade.
The company’s shift has inspired at least 61 other firms to allocate treasury funds to Bitcoin as a safeguard against inflationary pressures triggered by aggressive monetary expansion during the pandemic. For example, Metaplanet bought approximately 1,004 BTC (~$104.6 million), and GameStop acquired 4,710 BTC (~$513 million). Michael Saylor forecasts Bitcoin could reach $1 million per coin by 2045 with a total market capitalization of $200 trillion.
This trend underscores a broader institutional acceptance of digital assets within traditional financial frameworks as companies seek alternatives to depreciating cash holdings amidst uncertain economic environments. Saylor emphasizes Bitcoin’s unique advantages and its emerging role as a safe haven asset.