In 2020,
MicroStrategy became the first publicly traded company to accept Bitcoin as its primary reserve asset. This development was one of the most talked about events of during the last year.
The company recently hosted a conference aimed at other companies to adopt MicroStrategy's reserve strategy. Michael Saylor announced that 22,000 people have registered for the "MicroStrategy World 2021" conference. Approximately 8,000 of them attended the “Bitcoin for Corporation” speech with 6,917 representatives of different companies.
There are a lot of wellknown people joined the organizations Galaxy Digital co-founder Mike Novogratz; Vince Kwok, Vice President of Global Corporate Affairs; Dave Abner, Global Head of Business Development, Gemini; Michael Sonnenshein, CEO of Grayscale Investments; It included NYDIG founder and Chairman of the Board Ross Stevens.
MicroStrategy loaded a file MicroStrategy's accounts used to buy bitcoin in 2020 and the "Playbook" were uploaded to the company's website . Saylor wants more companies to join the Bitcoin network and is willing to provide the materials and tools they need.
NYDIG CEO Ross Stevens thinks that more than $ 25 billion will flow from institutions to the Bitcoin market. by the end of 2021. According to Ecoinometrics records, the shares of MicroStrategy (MSTR) have gained over 468% since the adaption of BTC.
The MicroStrategy event come up to same time with increasing institutional involvement in the crypto market. Data from analyst Willy Woo shows an increase in BTC exits on major exchanges, as shown in the chart below. Initially, the analyst linked this to MicroStrategy's conference.
Important Points For Institutions
In the U.S. , Public companies must obtain a permit to buy Bitcoins that can be given between 6 and 9 months after applying. After the conference, it does not seem possible for companies to buy Bitcoin directly and raise the price. After the 6-9 months, we will see conference's real effect on market. For that reason, we will see the real datas ending of the 2021. Analysts says, due to the number of adapting Bitcoin, Bitcoin's price may increase 3rd qtr of 2021.
By the way , Bitcoin's price increased to 43.000USD just in one day (08.02.2021)
After Tesla News, Bitcoin (BTC) Jumped To $ 43,000
Resources:
https://www.microstrategy.com
https://www.koinfinans.com
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