Michael Saylor, CEO of Microstrategy, held a virtual event in early February 2021 to help corporations get into crypto assets. “You’re going to see an avalanche of companies in the coming 12 months also converting their balance sheets into cryptos because it’s a scarce digital safe-haven asset,” the executive said.
During the event on Wednesday 3 February, participants were given a great overview of crypto based corporate strategies and operational considerations. While speaking at the event, Michael Saylor said he expects big things for bitcoin and other Cryptos and expects a herd of firms to join the growing cryptocurrency treasuries list.
The Microstrategy CEO added: The simple solution is to convert some of that business cash into crypto assets — we did it, Square did it. PayPal is doing it.
Microstrategy indeed started a trend back in 2020, getting numerous publicly listed and private firms to add BTC to their balance sheets.
According to bitcointreasuries.org, 1,233,038 BTC, or 5.87% of the entire supply, is held by corporate entities. That’s approximately $46.5 billion worth of bitcoin held in treasuries. (Using BTC exchange rates at 9:30 p.m. (EST) on February 3, 2021).
Tesla buys $1.5 billion worth of Bitcoins
Such is his passion and believe for Bitcoin that Saylor actively encouraged billionaire and owner of Tesla Inc Elon Musk to shift dollars from the EV company to the cryptocurrency.
Musk then went on to make waves with the announcement that Tesla had bought $1.5 billion of Bitcoin, but he is far from the first chief executive to use his rainy day fund to invest in the world’s largest cryptocurrency.