History, they say, doesn’t repeat, but it often rhymes. Bitcoin-hodling MicroStrategy is an excellent example.
In early 2000, MicroStrategy embodied the excesses of the dotcom bubble: Super Bowl advertisements, a sky-high stock price of $333, a $25bn market cap, and boundless optimism. Then came accounting restatements, fines, lawsuits, and a humbling order from the SEC to “cease and desist” from securities law breaches. By autumn 2001, with its stock scraping $0.42, the company seemed destined to join the lengthy roster of tech-bubble casualties.
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