Earlier this week Bitcoin bulls and crypto investors were thrilled by the news that MicroStrategy, a Nasdaq-listed business intelligence company worth $1.2 billion, had formally adopted Bitcoin as its primary reserve asset by purchasing 21,454 BTC.This led the majority of top crypto analysts and industry folk to post uber-bullish statements on Twitter and for many this confirmed their belief that Bitcoin is in the early stages of a bull market.
This means MicroStrategy's recent purchase gives BlackRock indirect exposure to Bitcoin, the company has essentially turned itself into a "Publicly-traded Bitcoin play."
MicroStrategy predicts a weakening dollar In an official statement, MicroStrategy said it was adopting Bitcoin as a "Primary treasury reserve asset." and CEO Michael J. Saylor acknowledged that Bitcoin could potentially be superior to cash.
"Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy."
The purchase becomes even more interesting when considering the previous comments both Saylor and BlackRock strategists made about Bitcoin.
At the time, Turnill laid out some factors that could help buoy Bitcoin in the long-term.
"Bitcoin's days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling."
Bitcoin perceptions are changingCompanies that previously rejected Bitcoin are now beginning to warm up to cryptocurrencies.
"Smart publicly listed company buys $250,000,000 worth of bitcoin, as a safe haven asset. Stimulus money flowing from Wall Street into bitcoin. Are you in front or behind them?".
This shifting trend in the cryptocurrency industry highlights the increasing maturity of Bitcoin and its growth as a store of value.
BlackRock, Vanguard, Indirectly Hold Bitcoin Via MicroStrategy Investment
gepubliceerd op Aug 13, 2020
by Cointele | gepubliceerd op Coinage
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