2 min read
Correction: An initial version of this article said the investment was $250,000. We regret the error.
Business analytics firm MicroStrategy has made a $250 million investment in Bitcoin, while endorsing the cryptocurrency as a superior asset class. The firm puchased 21,454 Bitcoin as part of a capital allocation strategy.
"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," said MicroStrategy CEO Michael Saylor.
"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," he added.
In 2012, Saylor wrote about “The Mobile Wave” which addressed how mobile computing impacted business and politics, focusing on the impact of companies like Apple, Facebook and Twitter. MicroStrategy now expects the world to enter a “Virtual Wave,” a “rapid dematerialization of products, services, and processes enabled by advanced in technology and catalyzed by the COVID crisis.”
The company said that Bitcoin is set to define the next period of world business. Saylor articulated why Bitcoin is so appealing to MicroStrategy, listing global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos as “persuasive evidence of its superiority as an asset class.”
On the news, crypto analyst Joseph Young tweeted, "In 2020, we have seen VISA, Mastercard, JPMorgan, MicroStrategy, all these major multi-billion dollar companies opening up to crypto."
Who will be next?
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