If you ask Michael Saylor why he bet the future of MicroStrategy on bitcoin, he’ll tell you he didn’t have a choice. The decision backfired, badly. On Tuesday, the tech company announced he would step down as CEO amid mounting losses tied to bitcoin.
When cryptocurrency lending platform Celsius froze user accounts amid a plunge in valuations, it sent ripples across the industry and raised questions about what happens to user assets if a crypto platform files for bankruptcy. WSJ’s Vicky Ge Huang explains. Photo illustration: Jordan KranseIf you ask Michael Saylor why he bet the future of his company on bitcoin, he’ll tell you he didn’t have a choice.
In 2020, MicroStrategy Inc.’s stock was stagnant, and the tech company struggled to compete with software giants. “We were either going to die a fast death, or a slow death, or embark on a risky strategy,” he said.
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