Posted 6 months ago | by @devadmin
Last year, Microstrategy was one of the first major institutions to support Bitcoin openly and buy up hundreds of millions of dollars-worth of Bitcoin between August and December of last year. Now the company’s CEO Michael Saylor is planning to host the world’s first digital summit for corporations on Bitcoin. Saylor further noted he’s confident the next four weeks could bring about bullish action for the number one digital asset.
In a recent interview with CNBC, Saylor explained:
“We’re going to have thousands of executives, officers, directors and advisors of corporations coming together in the first week of February. They all want to figure out how to plug bitcoin into their balance sheet or their PNL. We’re going to publish our playbook, all our accounting guidance, our legal guidance, all the work we did over the course of months to get ready to do this as a publicly traded company, and we’re going to open source it, making it available to everybody with the thought of saving them millions of dollars in weeks or months to make this an easier transition.”
Saylor plans to release his own companies plans and strategies regarding how he was able to invest so much in Bitcoin. This is note worthy due to the fact that his company has already helped inspire many other institutions to get involved in the Bitcoin market.
Besides Saylor, top executives from the crypto industry have also pledged that they will attend the event next week. Some of the big names include Grayscale CEO Michael Sonnenshein, Stone Ridge Asset Management Chief Executive Ross Stevens, Coinbase’s head of institutional sales Brett Tejpaul, Fidelity Digital Assets, Kraken CEO Jesse Powell, Gemini’s chief of business development Dave Abner and many more people.
Microstrategy now owns at least 70,000 Bitcoin worth just over $1.1 billion after its Bitcoin-buying spree last summer. Saylor, who has been outspoken about Bitcoin ever since his company decided to make the cryptocurrency its primary Treasury reserve asset.
Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself.
— Michael Saylor (@michael_saylor) October 28, 2020
Microstrategy purchased approximately 38,250 Bitcoins for an average purchase price of about $11,111 per BTC, at an aggregate purchase price of $425 million at the time, Bitboy Crypto reported.
Saylor has not always been a bitcoin bull. A former bitcoin skeptic, he tweeted on Dec. 18, 2013: “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
However, following his big Bitcoin purchase, the CEO has been a strong advocate of Bitcoin, calling the cryptocurrency the best store of value, much better than gold or tech stocks.
That new buzz term seems to be the new narrative that Bitcoin isn’t just a store of value but it’s now a Treasury Reserve asset used to hedge against currencies of the world.
Saylor also said that gold has an inflation rate of 2-3% a year which dilutes your value in it, using an example of putting in $100 million dollars.
Ironically, Saylor was previously a cryptocurrency skeptic. In 2013, Saylor tweeted: “Bitcoin’s days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
Bitcoin is currently trading [FIAT: $31,723.31] UP +0.2% in the last 24 hours according to Coingecko at the time of this report.