Sirlibz
MicroStrategy, a business firm worth $1.2 billion and is the largest publicly traded business intelligence firm has announced that they are formally adopting Bitcoin as its primary reserve assets. In the announcement, they confirmed that they purchased 21,454 BTC for $250 million.
“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash. Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy.”
Speaking about why they choose Bitcoin among other assets, Mr. Michael J. Saylor, CEO of MicroStrategy stated
“We find the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos of Bitcoin to be persuasive evidence of its superiority as an asset class for those seeking a long-term store of value. Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it. We expect its value to accrete with advances in technology, expanding adoption, and the network effect that has fueled the rise of so many category killers in the modern era.”
MicroStrategy is a leader in the business intelligence field with a 30 year experience in identifying future technological developments.
“MicroStrategy believes that buying $250 million in Bitcoin will provide it the opportunity to earn better returns and preserve the value of our capital over time compared to holding cash. Our corporate strategy and two-pronged capital allocation strategy are designed to benefit shareholders, customers, partners, and employees,” said Phong Le, President & CFO, MicroStrategy Incorporated.”
Bullish On Bitcoin and Other Cryptocurrencies
The cryptocurrency space seems to be in a slowly paced bull market, these few months have shown some massive improvements in crypto both price-wise and development wise. Bitcoin for its own is gaining massive exposure and is being considered as an alternative to fiat in some financial institutions. Earlier after the last Bitcoin Halving took place, Grayscale has been doubling its acquisition of Bitcoin. In a recent tweet, the CEO of Grayscale, Barry Silbert stated.
That is a Bullish Tweet and here is another.
Silbert also thinks MicroStrategy did a smart job purchasing Bitcoin.
