COVID-19 Lockdown Pushed Michael Saylor Toward Bitcoin

Crypto News Cryptocurrencies

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 12, 2025

Key Takeaways

Michael Saylor turned to Bitcoin after seeing cash lose value during the COVID-era low rates;
He said the pandemic exposed a gap between everyday workers and wealthy investors;
After dismissing Bitcoin in 2018, Saylor reconsidered it as a long-term store of value.

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COVID-19 Lockdown Pushed Michael Saylor Toward Bitcoin

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Michael Saylor, CEO of Strategy, shared that he turned to Bitcoin BTC $89,094.69 in 2020 because of how the pandemic affected the economy and financial system.

Saylor explained during an interview with Jordan B. Peterson on June 9 that the turning point came during the COVID-19 lockdowns, when interest rates were close to zero and central banks were pumping money into the economy.

At that time, Strategy had $500 million in cash, but that cash was no longer being put to good use.

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Saylor said the restrictions brought by the pandemic made regular life and work feel lifeless. According to him, small businesses were hit the hardest, while big investors and financial markets bounced back quickly.

He called it a divide between "Main Street" and "Wall Street", where everyday people struggled while those with assets came out ahead.

Saylor realized that keeping all that cash in a low-interest world was a problem. It was not earning anything, and with inflation rising, its value was slowly disappearing. He thought about several options, including property, stocks, and even art.

During this search, he reached out to Eric Weiss, who had experience in the crypto industry. Until then, Saylor had mostly ignored Bitcoin, especially after seeing it crash in 2018.

However, the conversation sparked his interest. He started reading, watching videos, and listening to podcasts to learn more. Over time, Saylor came to believe that Bitcoin could act as a kind of digital gold, a way to store value without relying on governments or central banks.

Recently, Saylor expressed concerns about how companies handle proof-of-reserves during the Bitcoin 2025 conference in Las Vegas. What did he say? Read the full story.