MicroStrategy has been making headlines throughout the past couple of months, with the Virginia-based company announcing in August their plans to convert their treasury reserves from USD to Bitcoin.
The aim of this unprecedented action is to guard against inflation and devaluation of the US Dollar, which could have sizeable impacts for companies with cash reserves in the hundreds of millions.
Despite MicroStrategy’s move being somewhat unorthodox, its CEO explained in a recent interview that some of its top investors are pleased with the decision, offering support and compliments.
This shows that large investors are beginning to recognize the dangers of using USD as a reserve asset. MicroStrategy’s CEO believes that the trend of companies adopting Bitcoin will pick up steam in the months and years ahead.
MicroStrategy’s Investors are Pleased with the Decision to Buy Bitcoin
In August, MicroStrategy made headlines when it became one of the first public companies to purchase massive sums of Bitcoin.
This purchase took place shortly before the cryptocurrency saw a notable spike in price, leading many to suspect that BTC investors were taking that as a positive development.
Earlier this month, Michael Saylor – the company’s CEO – explained in a tweet that MicroStrategy doubled down on their BTC holdings, acquiring a total of 16,796 BTC on the open market via 88,617 trades.
“To acquire 16,796 BTC (disclosed 9/14/20), we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each