In an unprecedented move that put the entire crypto world on notice, software development company Microstrategy (MSTR) announced they've purchased 21,454 Bitcoins, which at this time was worth a whopping $470 million. To make it even more astounding, they payed a fee total of $8.72!
Microstrategy is also publicly trading on NASDAQ for over $160 a share. This is a huge move for Bitcoin, as such a large investment puts the corporate world on notice that Bitcoin is a safer investment than once thought.
Microstrategy is a firm that develops software to analyze internal and external data in order to make business decisions and develop mobile apps. Founder Michael Saylor said of the company's BTC haul, "I didn't buy it to sell it. Ever." This is another great sign as it is proving major players in the fintech world see the long term potential of Bitcoin and cryptocurrencies.
“Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” Saylor also explained. "MicroStrategy has recognized Bitcoin as a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash...and accordingly has made Bitcoin the principal holding in its treasury reserve strategy."
The floodgates have officially opened.
Look out for more companies revealing their investment in Bitcoin, as it seems Wall Street is ready to admit BTC means business.
While all of this is great news for Bitcoin, it won't be for the Average Joe since these companies are grabbing up Bitcoin, potentially making it more difficult to capitalize on this life changing opportunity.
In order for this to be a true financial revolution, the people must become apart of this and ensure their fair share to fight against a further widening wealth gap.
If you're new to the crypto world, check out my free dictionary, that teaches you all the terms you need to know to stay hip to the game.