Is Michael Saylor, Devil Bill, or John D. Rockefeller?

William Avery Rockefeller was a con-artist. A “snake-oil” salesman. A bigamist. Historians say that he travelled the country, peddling both herbal remedies and a magical elixir with the ability to “cure anything”.

It was all a lie.

But as you might notice, “Big Bill” or “Devil Bill” as he was also known, carries one of the most significant surnames in American history. That’s because while a fraudulent grifter, he was also the father of John D. Rockefeller.

John D. Rockefeller, the founder and owner of Standard Oil, became the richest American in the world. His wealth was equivalent in 1937 to 1.5% of US GDP. That would be around $441 billion today. That would make him the richest American today as well.

John D. Rockefeller’s wealth came from the most important commodity in the world at the time, oil. Thanks to being early, smart and ruthlessly focused on the oil industry, growing Standard Oil as fast as he could, he set up an effective monopoly in the oil game.

His big bet on oil paid off. And he became the richest American in history (ever) off the back of it.

And while he is often aligned with untold riches as the wealthiest American in history, could he about to be dethroned? By someone ruthlessly focused on the most important commodity in the world today…Bitcoin.

What if the next John D. Rockefeller is the founder of MicroStrategy, Michael Saylor?

Having said that, sceptics might have you believe that Saylor is more likely to be the next William A. Rockefeller, “Devil Bill”.

So, which is it?

Is Michael Saylor, infamous laser-eyed bitcoin maximalist, an out-and-out grifter, snake-oil salesman and con-artist? Or is he John D. Rockefeller incarnate and soon to be the wealthiest American in history?

The Bitcoin Strategy

If you don’t know who Michael Saylor is, he’s the founder of business intelligence software company MicroStrategy. He served as CEO until 2022 and Executive Chairman ever since.

The company as a business intelligence software company has a rocky history, growing fast from inception in the late 80s, then bursting in the dot-com bubble and seeing its stock price rise and fall dramatically through the 90s, 00s and 2010s.

But this isn’t a business intelligence software company anymore. It is now a “bitcoin development company,” thanks to Saylor.

In 2020 at the height of the pandemic, Saylor announced that MicroStrategy would be adopting a bitcoin strategy, adding bitcoin to their treasury operations. As Saylor explained in an announcement on 21 December 2020 ,

“The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value.”

“The Company continues to believe bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash.”

At that point MicroStrategy had spent $1.125 billion adding 70,470 Bitcoin to their balance sheet with an average price of $15,964 per bitcoin.

Their laser-eyed focus on bitcoin has continued in the four years since. And Saylor has been right.

His most recent announcement on X.com explains MicroStrategy has spent $25.6 billion adding 423,650 Bitcoin to their balance sheet at a purchase price of $60,324 per bitcoin.

Now here’s the kicker…

When MicroStrategy started their bitcoin strategy, the stock price was around $15 (split adjusted). Today, it’s $375, a 2,400% gain – even outpacing Nvidia.

Furthermore, Saylor announced this year MicroStrategy would be going even harder at adding bitcoin, to the tune of $42 billion in the next few years.

He's doing this by selling equity and debt in the company with the proceeds directly buying more bitcoin. They now own over 2% of all Bitcoin that will ever exist, and that number will continue to grow under this strategy.

Devil Bill or John D.?

Saylor has taken a sheet from John D. Rockefeller’s playbook. He made a big bet on a nascent opportunity in a commodity that may prove to be more lucrative than oil ever has been. And right now MicroStrategy has a near monopoly on this strategy.

Evan as other companies look to adopt the bitcoin strategy Saylor has such a head start with MicroStrategy, it seems no one will ever catch up.

The big bet is Bitcoin continues its journey to a global reserve asset. That perhaps a US dollar backed by bitcoin is on the horizon. That the US government under a pro-bitcoin Trump administration creates a Bitcoin Strategic Reserve adding one million Bitcoin to the government’s treasury. That just to keep up, the rest of corporate America, the corporate world and governments everywhere begin to add bitcoin to their treasury operations.

Of course, Saylor’s sceptics call him a fraudster, they say bitcoin is a scam and that MicroStrategy is a speculative bubble waiting to burst.

If the sceptics are right, then maybe Saylor indeed will be remembered in the same way as “Devil Bill” Rockefeller.

But, if the dominoes fall into place in the coming years, and bitcoin continues its meteoric rise as new money, as digital gold, as the world’s reserve currency, then numbers like $1 million, $10 million, $20 million per bitcoin aren’t so wild anymore.

And MicroStrategy’s stock might just end up as the most revered investment in stock market history.

If that happens, I suspect that history will remember the name Michael Saylor in the same way as John D. Rockefeller, and very likely Saylor ends up far richer.