“Bitcoin is superior to money”, says the world's largest business intelligence company
Bitcoin gains momentum as a store of reliable value.
Publicly listed business intelligence company MicroStrategy announced on August 11 that it bought 21,454 bitcoins worth $ 250 billion at the time, in an attempt to hedge against Fed-led inflation.
This is a major achievement for bitcoin, as it adds credibility to the narrative that cryptocurrency is gaining popularity on Wall Street as a reliable store of value.
MicroStrategy says Bitcoin is safer than money
According to a press release on Tuesday (11), MicroStrategy, which is currently worth more than $ 1.2 billion, bought $ 250 million in bitcoins. The company preferred bitcoin because it is great protection against inflation caused by the Federal Reserve's quantitative easing measures.
Crypto community reaction
While the price of bitcoin has not responded positively to the report that the world's largest business intelligence company has invested in the asset, the cryptocurrency community has expressed its enthusiasm for the news.
Binance CEO Changpeng Zhao - fondly known as CZ - noted that stimulus money is flowing from Wall Street to Bitcoin. "Are you in front or behind them?" CZ then asked casually.
Barry Silbert, the CEO of crypto investment company Grayscale, praised MicroStrategy's investment decision, saying:
“MicroStrategy, a $ 1.2 billion company, has just become a publicly traded bitcoin piece. Smart."
The MicroStrategy move will undeniably motivate other publicly traded companies on Wall Street to add bitcoin to their portfolios as protection. As analyst Preston Pysh shrewdly noted in a tweet, we're just getting started.
