This tool suggests Bitcoin was the wrong bet for Michael Saylor
A website claims to have worked out how much Michael Saylor and Microstrategy would have made if the company had invested in Ethereum instead of bitcoin – and the yacht-loving bitcoin evangelist had probably better look away now.
According to a new tool from BlockchainCentre.net, Microstrategy’s 130,000 bitcoins are currently worth $ 2.735 billion. This would be pretty impressive if it hadn’t spent nearly $4 billion on acquiring them.
Roughly translated, this means that the company’s somewhere in the region of $1.25 billion down since it first entered the market two years ago.
On the other hand, if Microstrategy had instead pumped its funds into the number-two crypto, it would today be sitting on 3,542,000 ETH worth a little over $5.8 billion. Again, roughly translated this means the firm would be $1.821 billion up.
This makes a mockery of Saylor’s sometimes outlandish claims about Bitcoin’s place in the crypto landscape.
There is no second best. #Bitcoin— Michael Saylor⚡️ (@saylor) October 8, 2021
Read more: Saylor bets the bitcoin bottom as MicroStrategy shorts subside
And it gets worse. The website also calculates that, with ETH staking, Microstrategy would have earned 239,691 ETH – at 4%, that’s over $390 million. That would give the company a total of 3,781,691 ETH worth nearly $6.2 billion. Ouch.
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