Microstrategy has adopted Bitcoin as a primary treasury reserve asset. On its press release issued on Aug. 11, the world’s largest publicly traded business intelligence company has confirmed it had purchased 21,454 BTC for $250 million.
Speaking about their latest move, Michael J. Saylor, CEO of MicroStrategy, said:
“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.”
This huge move has not gone unnoticed by influencers as it marks a watershed moment for the institutional uptake of Bitcoin:
As I suggested 6 months ago, we are now starting to see businesses owning Bitcoin as a marketable security on their balance sheet. MicroStrategy Adopts Bitcoin as Primary Treasury Reserve Asset. Just. Getting. Started. https://t.co/dVUOr8Loac
— Preston Pysh (@PrestonPysh) August 11, 2020
Also, the developer and Bitcoin enthusiast Jimmy Song had his say:
Every CFO will be studying what they did in 24 months. Every business school will be studying this in 5 years.
Make savings popular again
— Jimmy Song (송재준) (@jimmysong) August 11, 2020