COVID-19 Lockdown Pushed Michael Saylor Towards Bitcoin

Saylor defined throughout an interview with Jordan B. Peterson on June 9 that the turning level got here through the COVID-19 lockdowns, when rates of interest have been near zero and central banks have been pumping cash into the economic system.

At the moment, Technique had $500 million in money, however that money was now not being put to good use.

Saylor mentioned the restrictions introduced by the pandemic made common life and work really feel lifeless. In line with him, small companies have been hit the toughest, whereas large buyers and monetary markets bounced again rapidly.

He known as it a divide between “Fundamental Road” and “Wall Road”, the place on a regular basis individuals struggled whereas these with property got here out forward.

Saylor realized that protecting all that money in a low-interest world was an issue. It was not incomes something, and with inflation rising, its worth was slowly disappearing. He thought of a number of choices, together with property, shares, and even artwork.

Throughout this search, he reached out to Eric Weiss, who had expertise within the crypto business. Till then, Saylor had principally ignored Bitcoin, particularly after seeing it crash in 2018.

Nonetheless, the dialog sparked his curiosity. He began studying, watching movies, and listening to podcasts to study extra. Over time, Saylor got here to imagine that Bitcoin may act as a sort of digital gold, a option to retailer worth with out counting on governments or central banks.

Not too long ago, Saylor expressed issues about how firms deal with proof-of-reserves through the Bitcoin 2025 convention in Las Vegas. What did he say? Learn the complete story.