Bitcoin Adoption: MicroStrategy Says It Might Buy More BTC
The crypto market looks excellent today, with most of the important coins trading in the green.
Bitcoin is no exception, and at the moment of writing this article, BTC is trading in the green, and the king coin is priced at $10,928.55.
MicroStrategy may double down on its investment in BTC
After the $250 million Bitcoin haul last month, MicroStrategy says it may double down on its investments in BTC, according to the latest reports coming from the Daily Hodl.
In a United States Securities and Exchange Commission disclosure which was dated September 11th, MicroStrategy’s board of directors highlighted their plans of expanding the billion-dollar company’s crypto holdings.
You probably recall that they chose BTC to make the very first reserve asset of the company.
“Under the new policy, treasury reserve assets will consist of (i) cash, cash equivalents, and short-term investments (‘cash assets’) held by the company that exceed working capital needs and (ii) Bitcoin held by the company, with bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for cash assets, including future potential share repurchase activity,” according to the board of directors.
The notes continue and say, “As a result of this new policy, the company’s holdings of Bitcoin may increase beyond the $250 million investment that the company disclosed on August 11, 2020.”
Bitcoin is digital gold
It’s also worth noting the fact that MicroStrategy chief executive Michael J. Saylor explained the company’s move in this statement that’s been issued back in August:
“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
He believes that BTC is digital gold and a type of money that’s smarted than anything else.
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.