MicroStrategy, the world’s largest business intelligence company (publicly traded) made its first move to be a member of the Bitcoin community. From now onwards, Bitcoin would be considered as a primary, reserved, treasury asset. The company bought 21,454 BTC, for a whopping $250 million on 11th August. The event was announced earlier on July 28 by the CEO.
According to MicroStrategy CEO, Michael J. Saylor, this move is a reflection of the company’s internal beliefs about Bitcoin and cryptocurrencies. He thinks that BTC can be a lucrative investment asset and has a lot more potential than traditional money. This move has garnered attention and appraisal from experts, all over the world (including, Preston Pysh, and Grayscale CEO Barry Silbert).
Barry described the move as a smart move. Market statistics agree with his comment, as MicroStrategy’s stock price increased by 5.7%. Also, the price of Bitcoin has increased by 10%. Will this cause a bullish tendency among the community members? How will all these pan out in the future? We will have to keep our eyes and ears peeled.