Business Intelligence Company adopts Bitcoin as treasury reserve asset
MicroStrategy is largest business intelligence company and today, it has announced that it has purchased 21454 bitcoins that will be used as primary treasury reserve asset. Total amount of 250 million dollars were used to accumulate 21454 bitcoins.
We believe that in coming months, many more companies will be joining the likes of MicroStrategy and add Bitcoin as reserve asset to combat fall of conventional assets and cash.
Michael J. Saylor, CEO, MicroStrategy Incorporated said,
Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders.
He added that their decision to add Bitcoin as reserve asset was driven by macro factors affecting current business and economic landscape. They believe such macro factors will have a detrimental effect on fiat currencies and other conventional assets which are already a part of MicroStrategy’s reserve assets.
For those who do not know about MicroStrategy, it has 30 year history of anticipating technology trends and was one of first few companies in enterprise business intelligence software sector.