On August 11, 2020, Michael Saylor announced his business software company MicroStrategy would become the first public company to buy bitcoin. They bought 21,454 bitcoin for $250 million. Many financial analysts laughed at the idea. The announcement arrived alongside a separate plan to continue buying bitcoin. Both were presented as part of the company’s new capital allocation strategy. That first 21,454 bitcoin purchase is now worth approximately $1,700,000,000 today. Michael Saylor’s company has since become one of the most traded and valuable technology companies in the world.