This week the firm Microstrategy held an event called “Bitcoin for Corporations” which looks at concepts like macro strategy, corporate playbooks, and legal considerations toward bitcoin. Prior to the event, Microstrategy CEO and bitcoin bull, Michael Saylor, said “professionals from more than 1,400 firms” would join the event. At the conference, Saylor was bullish on bitcoin as usual and said he expects “an avalanche of companies” to join the crypto economy.
Microstrategy’s Bitcoin for Corporations Event
On February 3 and 4, the firm Microstrategy (NASDAQ: MSTR) held an event called “Bitcoin for Corporations,” which aims to entice corporate entities to get into the leading crypto asset. In 2020 and into 2021, there’s been a major expansion of the M2 money supply as estimates believe 25-30% of all USD in existence was printed last year. This has led to a number of firms exchanging cash and bonds for bitcoin (BTC) in order to protect the company from devaluing fiat.
Microstrategy executive, Michael Saylor, wholeheartedly believes in bitcoin, as the firm has sparked a trend of companies adding BTC to their treasuries. This week, news.Bitcoin.com reported on Saylor predicting a massive shift in investor interest from gold to bitcoin. That same day, Microstrategy announced that the firm had purchased another $10 million worth of BTC. The business intelligence (BI) company now holds an aggregate total of 71,079 BTC, worth $2.6 billion using today’s exchange rates.
The day before Microstrategy’s corporate virtual conference, Saylor said that 1,400 firms would be joining the event. “If you are interested in the legal considerations firms face while integrating bitcoin into their corporate strategy, you are not alone,” Saylor tweeted. “We have professionals from more than 1,400 firms joining us tomorrow for this discussion. There is still time for your legal team to attend,” the executive added.
Michael Saylor: ‘You’re Going to See an Avalanche of Companies in the Coming 12 Months’
During the event on Wednesday, participants could learn about how preserving wealth is extremely difficult in 2020 and beyond. Moreover, capital costs have jumped significantly, and the virtual conference gave participants a great overview of bitcoin-based corporate strategies and operational considerations. While speaking at the event, Michael Saylor said he expects big things for bitcoin and expects a herd of firms to join the growing bitcoin treasuries list.
“The reason we’re having this conference is to help everybody else figure out what they should do,” the executive said.
The Microstrategy CEO also added:
The simple solution is [to] convert some of that cash into bitcoin— We did it, Square did it. You’re going to see an avalanche of companies in the coming 12 months also converting their balance sheets into bitcoin because it’s a scarce digital safe-haven asset.
During the day, Saylor’s avalanche quote was shared on forums and across the Twitter-sphere, as scores of community members want more institutional investors to join the bitcoin space.
Microstrategy certainly started a trend in 2020, getting numerous publicly listed and private firms to add BTC to their balance sheets. According to bitcointreasuries.org, 1,233,038 BTC, or 5.87% of the entire supply is held by corporate entities. That’s approximately $46.5 billion worth of bitcoin held in treasuries, leveraging BTC exchange rates at 9:30 p.m. (EST) on February 3, 2021.
What do you think about Saylor saying that he believes an avalanche of companies will add bitcoin to their balance sheets? Let us know what you think about this subject in the comments section below.