As the world moves towards becoming completely digital, cryptocurrency is one of the latest inventions that significantly influences the way our world operates. Considering the potential for the entire cryptocurrency concept, more and more companies are investing and parking their funds in Bitcoins.
MicroStrategy, one of the largest business intelligence companies listed on NASDAQ, is known for its futuristic insights and progressive vision. Furthermore, MicroStrategy has always favored cryptocurrency and has announced an additional purchase of approximately 29,646 bitcoins for around $650 million in cash. This move comes in accordance with its Treasury Reserve Policy, costing $21,925 per bitcoin, including all overheads.
MicroStrategy has a leading enterprise analytics platform and is dedicated to enabling intelligence everywhere. MicroStrategy has developed a comprehensive enterprise platform that features HyperIntelligence is used by many top Fortune Global 500 companies.
Michael J. Saylor, CEO of MicroStrategy Incorporated, mentions, “The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value.” Moreover, he has also mentioned that he is buying a bitcoin every minute and is amongst the few people who have made their Bitcoin holdings public via Twitter.
This additional purchase takes the total tally of MicroStrategy’s bitcoins up to 70,470. The company has spent over $1.125 billion, and the average per bitcoin value cost approximates $15,964 per bitcoin. “The Company continues to believe bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash.” said Phong Le, President & CFO of MicroStrategy Incorporated.
If we believe the market pundits, Bitcoin is a gigantic phenomenon in the making. It is not very surprising to know that top brains and investors are acquiring substantial amounts of it. Bitcoin is growing faster than all predictions and can end up defining the entire money market once it starts getting accepted by the common public at large. Moreover, that time doesn’t seem too far.