The Hash Rate of Bitcoin is continuing to grow. The stagnation of the crypto bull market did not stun the growth of Bitcoin. The BTC hash rate is continuing to grow and it is touching new highs. This is just proof of how secure Bitcoin is.
Vijay Boyapati recently tweeted: “The twin pillars of Bitcoin’s value proposition: (1) It’s possible to secure and transport your wealth without anyone’s permission (2) Your wealth cannot be debased. Everything else is noise.”
Michael Saylor, Microstrategy founder and Chairman On September 14, 2020, expressed that MicroStrategy completed its acquisition of 16,796 additional Bitcoin at an aggregate purchase price of $175 million. Further stated that to date, they have purchased a total of 38,250 Bitcoin at an aggregate purchase price of $425 million, inclusive of fees and expenses.
Sydney Ifergan, the crypto expert tweeted: “Investing in Bitcoin (BTC) is still a wise move. Despite the many use cases, I personally feel Bitcoin will be the core power of the cryptocurrency space.”
Bitcoin is still considered to be the better form of money that mankind has every invented. Early adopters know it well. Those who allowed the BTC age very well, know it is worth the hold.
For those who do not know about Microstrategy – it is a US Based publicly traded business intelligence software company. The $250 million worth of Bitcoin to back their Treasure Reserve is indeed a bold move. They have effectively made Bitcoin the company’s reserve asset.
Reportedly the document described the new policy as: “Under the new Policy, treasury reserve assets will consist of (i) cash, cash equivalents, and short-term investments (“Cash Assets”) held by the Company that exceed working capital needs and (ii) bitcoin held by the Company, with bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for Cash Assets, including future potential share repurchase activity. As a result of this new Policy, the Company’s holdings of bitcoin may increase beyond the $250 million investment that the Company disclosed on August 11, 2020.”
Bitcoin (BTC) Company Reserve Follow Suit
While reasoning out the adoption Michael J. Saylor, have stated that: MicroStrategy observed distinctive properties of Bitcoin that led it to believe investing in the cryptocurrency would provide not only a reasonable hedge against inflation, but also the prospect of earning a higher return than other investments.”
MicroStrategy adopting BTC for their treasury funds can mean that several other companies will follow suit.