The Feb 3-4, 2021 Bitcoin Event proved to be a hit as 1400 firms signed up for the online event
By the end of 2020, Bitcoin started gaining tremendous traction with more & more institutional investors hoarding bitcoins as a treasury asset. With the advent of 2021, the interest among institutional investors is growing at a rapid pace at a time when Bitcoin is charting new heights. Amid the increasing interest among corporates to invest in Bitcoin, the question arises – Do companies understand the risks associated with investing in Bitcoin?
To answer the questions that the companies have about investing in Bitcoin, Microstrategy hosted an online Bitcoin for Corporation event. It proved to be a hit as 1400 firms signed up for the online event. The reason for such a massive response to the online Bitcoin for Corporation event is quite obvious – Its host. Being one of the leading BTC promoters in the world, Microstrategy, a US-based software company, wields tremendous goodwill in the crypto space.
One of the Biggest Corporate Holders of Bitcoin
Microstrategy bought bitcoins worth $10 million as per their recent SEC filing, where they have disclosed that they bought 295 BTC on February 2nd. In January, Microstrategy bought 314 BTC, and thus, they hold 71,079 BTC, which makes Microstrategy, one of the largest corporate holders of Bitcoins.
The company said in its fourth-quarter 2020 financial report that they will continue to purchase BTC. Their exact words were:
“Going forward, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore various approaches to acquire additional bitcoin as part of our overall corporate strategy.”
Bitcoin Prices Could Skyrocket Even Further
Microstrategy did not make the names of attendees public yet. But the event was said to include the who’s who of the crypto world, including high profile executives from leading companies, such as Coinbase, Binance, and Gemini. As per some media reports, Ross Stevens, the CEO of Stone Ridge Asset Management, and Saylor opened the online conference. It is important to note here that, Stone Ridge had bought Bitcoins worth $115 million in October last year.
It has been proved that there is a correlation between public coverage of Bitcoin & its prices. The increasing media mentions & Google searches about Bitcoin indicates that there is a high demand for Bitcoin. It also translates into higher prices of Bitcoin. That is why both the Bitcoin investors & traders had kept a tab on the online Bitcoin conference for Corporates. They expected that it could have led to an increase in the prices of Bitcoin.
The online event by Microstrategy is likely to contribute a long term effect on the prices of Bitcoin. It is expected that more companies will get in on the Bitcoin bandwagon to add BTC to their investment kitty. There’s a lot more growth ahead for Bitcoin as we will see higher interest among retail & institutional investors for Bitcoin. The journey ahead will be a very interesting one as the entire crypto market will continue to attract eyeballs this year.