MicroStrategy’s board of directors elected to .
In the press release that accompanied the company’s original acquisition of Bitcoin, its CEO Michael J. Saylor was quoted saying:
“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.”
The move has already caused a slew of copycats — smaller companies of every shape making similar announcements. It should be noted that MicroStrategy sold a domain to Block.One in 2019 for $30 million; perhaps, this gave the company’s leadership an appreciation of the value of cryptocurrency. Some of the world’s biggest institutional investors have a stake in the company. This may demonstrate how much more acceptable Bitcoin has become on Wall Street in the past few years.
Since making its original Bitcoin acquisition a month ago, MicroStrategy has outperformed the Nasdaq composite index.