This week, Microstrategy hosted an event called Bitcoin for Corporations, which addressed concepts such as macro strategy, corporate playbooks, and legal considerations related to Bitcoin. Prior to the event, the CEO of Microstrategy and Bitcoin bull Michael Saylor said that “professionals from more than 1,400 companies” would attend the event. At the conference, Saylor was, as usual, optimistic about Bitcoin, saying he expected “an avalanche of businesses” to join the crypto economy.
Bitcoin for Corporations event from Microstrategy
On February 3rd and 4th, Microstrategy (NASDAQ: MSTR) hosted an event entitled “Bitcoin for Corporations,” aimed at enticing corporate units into the leading crypto asset. There was a significant expansion in M2 money supply in 2020 and through 2021, as it is estimated that 25-30% of the total existing USD was printed in the past year. This has led a number of companies to swap cash and bonds for Bitcoin (BTC) to protect the company from fiat devaluation.
Michael Saylor, Executive of Microstrategy, believes in Bitcoin wholeheartedly as the company started the trend for companies to add BTC to their treasuries. This week news.Bitcoin.com reported on Saylor, who forecast a massive shift in investor interest from gold to bitcoin. On the same day, Microstrategy announced that the company had purchased another $ 10 million worth of BTC. The business intelligence (BI) company now holds a total of 71,079 BTC, valued at $ 2.6 billion at today’s exchange rates.
The day before Microstrategy’s virtual corporate conference, Saylor announced that 1,400 companies would be attending the event. “If you are interested in the legal considerations that companies face in integrating Bitcoin into their corporate strategy, you are not alone,” Saylor tweeted. “Tomorrow we will have specialists from more than 1,400 companies who will come to this discussion. Your legal team still has time to attend, ”added the executive.
Michael Saylor: “You will see an avalanche of companies in the next 12 months.”
During the event on Wednesday, attendees learned how difficult it is to maintain wealth in 2020 and beyond. Additionally, the cost of capital has increased significantly, and the virtual conference gave attendees a good overview of Bitcoin-based business strategies and operational considerations. While speaking at the event, Michael Saylor said he expected great things for Bitcoin and expected a herd of companies to join the growing list of Bitcoin treasuries.
“The reason for this conference is to help everyone else figure out what to do,” the executive said.
The Microstrategy CEO added:
The simple solution is [to] convert some of that money into bitcoin – we did it, Square did it. In the next 12 months there will be an avalanche of companies that are also converting their balance sheets to Bitcoin as it is a scarce digital safe-haven asset.
During the day, Saylor’s avalanche quote was shared on forums and across the Twitter sphere as numerous community members want to take more institutional investors into the Bitcoin space.
Microstrategy certainly sparked a trend in 2020 that prompted numerous public and private companies to include BTC on their balance sheets. According to bitcointreasuries.org, 1,233,038 BTC, or 5.87% of total supply, is held by companies. That equates to around $ 46.5 billion worth of Bitcoin held in government bonds that will use BTC exchange rates on February 3, 2021 at 9:30 p.m. (EST).
What do you think of Saylor, who says he believes an avalanche of companies will add Bitcoin to their balance sheets? Let us know what you think on this matter in the comments section below.
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1400 companies, 71079 BTC, avalanche, balance sheets, Bitcoin, Bitcoin (BTC), Bitcoin Treasuries, BTC, companies, corporations, finance, Michael Saylor, micro-strategy, micro-strategy-Bitcoin, micro-strategy-treasury
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