How the Pandemic Led Michael Saylor to Bitcoin: Strategy Became a Leader in Corporate Cryptocurrency Investments
War Against Currency, Not Virus
In a candid interview with Jordan B. Peterson, published on June 9, 2025, Michael Saylor, CEO of Strategy (formerly MicroStrategy), shared what drove him to radically shift his views on Bitcoin and transform the company into the largest corporate holder of cryptocurrency. According to Saylor, the key factor was not the technological merits of blockchain, but the economic consequences of the 2020 pandemic. He described the actions of the Federal Reserve System (Fed) as a 'war against currency.' 'It was not a fight against COVID, but a fight against the dollar,' Saylor emphasized. Global lockdowns and zero interest rates, in his view, undermined small and medium-sized businesses, while Wall Street thrived thanks to an influx of liquidity.
$500 Million That Stopped Working
In 2020, Strategy had $500 million in the bank – the company’s sole 'lifeline.' However, due to the Fed's policy aimed at reducing rates, this money was not generating income. 'Central banks were printing money, artificially suppressing rates,' Saylor recalled. Financial markets quickly rebounded thanks to monetary emission, leading to 'hyperinflation of financial assets.' This enriched investors and traders, but meant stagnation of capital for Strategy. 'We had an asset that stopped working. I faced a choice: quick death or slow fade away,' said Saylor, stressing the urgency of finding a solution.
Seeking an Alternative to the Dollar
Saylor refused to accept the loss of capital accumulated over 30 years. 'Why should I give away the fruits of my life?' he asked. He considered various options: real estate, stock portfolios, even collectible art. However, due to low rates, traditional asset prices skyrocketed. 'How to find Picasso or Monet paintings for $500 million at a reasonable price?' he joked. Saylor needed a liquid, fungible asset capable of retaining value in the long term. This became the starting point of his journey into Bitcoin.
From Skepticism to Conviction
Initially, Saylor was skeptical of cryptocurrencies, considering them 'scam coins' amidst the 2018 bear market. However, in 2020, watching the world burn while Wall Street gets richer, he sought advice from Eric Weiss, founder of Blockchain Investment Group. Immersing himself in Bitcoin through books, podcasts, and YouTube, Saylor concluded that cryptocurrency is a 'non-sovereign savings instrument,' even better than gold. This conclusion led Strategy to its first purchase of 21,454 BTC for $250 million in August 2020.
Strategy — Leader in Corporate Investments
Today, Strategy remains the largest corporate holder of Bitcoin, owning 582,000 BTC worth about $63 billion, according to Saylor Tracker. Saylor’s decision, driven by economic instability and the actions of the Fed, not only preserved the company’s capital but also made Strategy a pioneer in institutional adoption of cryptocurrencies. Saylor’s story demonstrates how a crisis can become a catalyst for radical financial strategies.