Bitcoin has become a bit of a phenomenon on Wall Street and in the corporate world over the past few months.
It began in August when MicroStrategy bought Bitcoin with money from its treasury, showing the world that yes, BTC can be a long-term investment and store of value.
This was followed up with Square, then, more recently, a series of smaller companies and even Wall Street funds that have opened their eyes and ears to what is going on in the crypto space. Compared to before, there are now hundreds of millions, though probably more like billions, in the crypto-asset space that has been siphoned in by institutional players.
But it may not be done yet, according to Michael Saylor, CEO of MicroStrategy.
Corporate America to buy Bitcoin even more?
Michael Saylor recently took to CNBC to discuss his views on the crypto-asset market.
In that interview with the outlet, he was reported as saying that he will be hosting a digital conference that will allow executives from Corporate America to learn more about Bitcoin and how they can implement it into their businesses:
“We’re going to have thousands of executives, officers…directors, & advisors of corporations coming together in the first week of February. They all want to figure out how to plug #bitcoin into their balance sheet or their P&L…We’re going to open source it.”
…saying he is hosting in early Feb a bitcoin conference for corporate leaders to explain the #btc value proposition. Also will make publicly available his company execution playbook.
1000s of people to attend!!!
— Dan Tapiero (@DTAPCAP) January 22, 2021
What’s interesting here is that Saylor is expecting “thousands” of people to come together to discuss the cryptocurrency phenomenon.
MicroStrategy will be open-sourcing its playbook and internal documents regarding the exposure to Bitcoin to try and get Corporate America to get a better understanding of how they should deal with volatility, regulatory trends, and other issues that may arise from investing a cash position in BTC.
Analysts expect these corporate inflows, which may or may not arrive eventually, to drive this market far higher.
JPMorgan strategists recently stated that there could be a $600 billion influx of demand for Bitcoin if the world’s pension funds and insurance companies merely allocate one percent of their assets to BTC:
“If pension funds and insurance companies in the U.S., euro area, U.K. and Japan allocate 1% of assets to Bitcoin, that would result in additional Bitcoin demand of $600 billion, the strategists said.”