Breaking: Publicly Listed Firm MicroStrategy Purchases $250 Million Worth Of Bitcoins

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Publicly traded business intelligence firm MicroStrategy bought $250 [~21,454 Bitcoins] Million worth of Bitcoin today in a move to adopt Bitcoin as a primary treasury reserve asset. This is a big news for crypto fans as this validates the assumption that bitcoin is now accepted as a safe haven by exchange listed companies and wall street.

MicroStrategy Adopts Bitcoin as Safe Haven Asset

As reported by businesswire today, crowned as largest publicly tradable business intelligence company MicroStrategy purchased 21,454 Bitcoins valued at $250 Million. As per the company officials Bitcoin was selected based on its distinctive properties both as a hedge against inflation and at the same time earn higher returns as compared to other assets.

Companies CEO Michael J. Saylor, said,

“Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,”

The news is already making buzz in crypto space as cryptocurrency exchange Binance CEO, CZ shared the news via his twitter account, saying that stimulus money from Wall street is on its way to Bitcoin.

This step by MicroStrategy will definitely boost the confidence of other exchange listed companies to adopt bitcoin as a hedge against inflation and make good returns at the same time.



Source: Breaking: Publicly Listed Firm MicroStrategy Purchases 0 Million Worth Of Bitcoins

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