In the midst of the Covid-19 crisis, Michael Saylor of MicroStrategy Inc. made the then-little-noticed decision to invest the business software maker's money in Bitcoin.
Before the shift in mid-2020, the Tysons Corner, Va.-based company co-founded by Saylor had about $500 million invested mostly in short-term U.S. Treasury bonds. Saylor said at the time that he began to question that conventional strategy as returns collapsed amid the pandemic. He called his cash holdings a “melting ice cube” and accurately predicted that inflation would rise after the Federal Reserve loosened monetary policy.
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