Bitcoin has become a popular investment vehicle amongst retail and institutional investors, but it is also becoming a reserve asset for some companies.
Per an announcement from earlier today, a Nasdaq-listed business intelligence company is now turning to the benchmark cryptocurrency to store their capital reserves, calling it an asset that can be “superior to cash” while also providing them with some upside potential.
In total, the company has purchased $250 million worth of BTC. This comes as part of new efforts to maximize the value and growth they provide to their investors.
Bitcoin is Becoming a Reserve Asset for Companies
It is important to note that this is not just a corporate investment in the crypto, but rather is an attempt to use BTC as a reserve currency.
Bitcoin has seen major adoption in recent times across multiple fronts.
Individuals are rapidly turning to it in order to capitalize on its technical strength, while institutions and other large investors are using it as a store of value – or digital gold – that may fare well during times of economic turbulence.
Despite this, the cryptocurrency has yet to be purchased by any major nations, and until today, it has not really garnered any status as a reserve currency.
MicroStrategy – a Nasdaq listed business intelligence company – may be one of the first major companies to try storing all their capital in BTC.
According to the press release, they have purchased 21,454 BTC worth a total of $250 million.
The company’s CEO – Michael Saylor – spoke about the decision, noting that Bitcoin provides more long-term potential than USD.
BTC “Superior to Cash” Claims MicroStrategy CEO
This news shows that belief in Bitcoin as a revolutionary technology and currency is going mainstream.
Saylor further went on to add that the current economic environment is creating unprecedented risks to their treasury – making it vital for the company to hold scarce assets.
He also added that Bitcoin’s “distinctive properties” have made it more attractive to hold than USD.
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