MicroStrategy, a $ 6.37 billion business intelligence firm, will meet with public companies on February 4 to handle Bitcoin (BTC).
MicroStrategy CEO Michael Saylor said professionals from over 1,400 companies will attend the event. told.
Saylor said, “If you’re curious about the legal issues companies face when integrating Bitcoin into corporate strategy, you are not alone. “Professionals from over 1,400 companies will join us for this discussion tomorrow,” he explained.
Why is MicroStrategy discussing Bitcoin with companies?
Since MicroStrategy started buying Bitcoin in the summer of 2020, there has been a clear increase in institutional demand.
With the growing fear of inflation, Bitcoin is becoming an increasingly attractive store of value and safe haven asset. Demand for Bitcoin can also be seen in the increase in entries to the Grayscale Bitcoin Trust and BTC withdrawals from Coinbase.
Institutional investors in the US usually buy Bitcoin on Coinbase and transfer the purchased cryptocurrencies to their private wallets. Therefore, the increase in the amount of BTC withdrawn from Coinbase indicates that large investors are buying the cryptocurrency.
MicroStrategy has also consistently received BTC at the bottom price in recent months. The company last bought $ 10 million worth of BTC on Feb.
The company currently has 71,079 BTC purchased at an average of $ 16,109, with a total value of $ 1.14 billion.
If entries to the Grayscale Bitcoin Trust and BTC withdrawals from Coinbase rise after the call, it indicates that some companies have bought Bitcoin.
There is indeed a chance that some of the 1,400 companies will follow in the footsteps of MicroStrategy, especially given the implications of investing in Bitcoin for the company. MSTR has been one of the rare stocks in recent months, surpassing even Bitcoin’s performance.