Saylor Credits ChatGPT with $15 Billion Windfall through Bitcoin-Backed Products
Bitcoin billionaire Michael Saylor claims that ChatGPT helped his company generate $15 billion last year through Bitcoin-backed preferred stock products.
The company, Strategy, has transformed itself from a software firm into a major Bitcoin accumulation vehicle since making the shift in 2020. It has purchased almost 850,000 Bitcoins over the past six years, worth more than $50 billion.
Saylor believes AI can be used not just to automate tasks but also to develop new financial strategies. He credits ChatGPT with helping design preferred stock products that had never been developed before.
The company's use of debt and equity markets has allowed it to build its Bitcoin holdings, but this strategy has exposed it to significant market volatility. Strategy's common stock has lost around 80% of its value over the last year, moving alongside the decline in Bitcoin's price.