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MicroStrategy, a publicly traded BI firm bought over twenty-one thousand BTC on Tuesday. The company spent two hundred and fifty million USD of its premeditated inflation-hedging funds into the virtual asset.
The company mentioned in a statement that Bitcoin is a rational hedge against inflation.
Michael J. Saylor, the CEO of the company said,
“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.”
Saylor mentioned the technical and qualitative characteristics which give strength to Bitcoin.
He further added,
“We find the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility and community ethos of bitcoin to be persuasive evidence of its superiority as an asset class for those seeking a long-term store of value.”
Notably, the aforementioned capital apportionment rapidly accomplishes Saylor’s late July promise to shareholders that the firm would buy back two hundred and fifty million USD worth of stocks and invest a further two hundred and fifty million USD in gold and bitcoin over the next twelve months.
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