MicroStrategy Advocates for Dropping "Micro", Emphasizing Cleanliness
Michael Saylor, the CEO of MicroStrategy, is ditching small-time thinking. Announcing on Wednesday, his company would be shedding "Micro" from its name, rechristening itself as simply Strategy. The company also unveiled a fresh logo, featuring a prominently placed "B" - a clear hint at their new obsession: Bitcoin.
The company has been Bitcoin-obsessed for a while now, investing a significant chunk of its funds into the cryptocurrency, to the tune of nearly 500,000 Bitcoins. In fact, MicroStrategy proudly proclaimed itself as the "largest Bitcoin Treasury Company," and changed its brand color to orange, symbolizing 'energy, intelligence, and Bitcoin.'
Now, here's the thing. Why not opt for a name that begins with a "B" from the get-go? If the company's going for a name change and wants to incorporate the Bitcoin-style "B," why not simply select a name like "Blueprint" and place the "B" front and center? I'm an everyday person, neither a business expert nor a graphic designer, but this seems like a solvable dilemma, no?
Michael Saylor, ever the corporate wordsmith, stated the name change as an affirmation of 'Strategy' as one of the most powerful words in our language. He argued that it signaled a simplification of the company name to its most important, strategic core. A quote from Antoine de Saint-Exupery's 'Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away,' was used to justify the shift.
It's a tad ironic that MicroStrategy, under the guise of 'Strategy,' is becoming increasingly singular in its approach, narrowing its focus down to Bitcoin. The company essentially serves as a proxy for Bitcoin's performance, with its stock mirroring the cryptocurrency's market movements.
Fortunately, this is not Saylor's first encounter with a single-focus strategy. MicroStrategy, in a prior existential crisis, got tangled in the dot-com bubble burst back in the 2000s, seeing a staggering 62% drop in its stock price in a single day. But other than that one notable incident, Saylor's track record with one-focus strategies seems pretty flawless. Time will tell if this whole Bitcoin gig will be as successful as his past ventures.
The company's focus on Bitcoin in recent times aligns perfectly with its new name, indicating a commitment to technological innovations like cryptocurrency in the future. Embracing the "B" in Bitcoin, Strategy aims to position itself as a tech-forward company in the tech-driven future.