MicroStrategy, a $ 6.37 billion US business information conglomerate, will meet with public companies on Thursday to discuss Bitcoin (BTC).
Michael Sailor, CEO of MicroStrategy, said professionals from over 1,400 companies will join the event.
Sailor writes, “If you are interested in the legal considerations that companies face when integrating bitcoin into their business strategy, you are not alone. Specialists from more than 1400 companies will come to us tomorrow for discussion. ”
He also said he hadn’t seen as many CEOs at one of his events, adding:
“Every company can benefit from being connected to the Bitcoin Cash network.”
Why is MicroStrategy discussing Bitcoin with public companies?
Since MicroStrategy began actively acquiring Bitcoin in the summer of 2020 as its most important asset, institutional demand has clearly grown.
Bitcoin is becoming more and more attractive as a value and safe-haven asset as inflation concerns continue to rise. The demand for Bitcoin has been evident in the growing flow of the Grayscale Bitcoin Trust and the large flows of Coinbase, to name just a few.
High-income investors in the United States rely on Coinbase to buy bitcoins and usually transfer purchased bitcoins to self-sustaining wallets.
The increase in Coinbase churn indicates that large US buyers are buying bitcoin. CryptoQuant CEO Ki Yong Jo said on Monday:
“Huge influx from Coinbase. From 15,000 US dollars to 32.4,000 to 32.4,000 US dollars. When we look at TX, it went into an escrow, which contains nothing but current transactions. OTC agreements are likely to come from institutional investors. I believe this is the strongest bullish signal. “.
The rise of Bitcoin major players from the US coincides with a growing institutional interest in Bitcoin and an upcoming meeting between MicroStrategy and public companies.
MicroStrategy has also been actively buying dips in recent months. The latest acquisition came on Tuesday when MicroStrategy added another $ 10 million to bitcoin.
The company now has 71,079 BTC worth $ 1.145 billion, which it bought at an average price of $ 16,109 per BTC. Sailor wrote:
MicroStrategy bought about 295 BTC for $ 10.0M in cash at an average price of almost $ 33,808 for #BTC. We now have #hodl ~ 71,079 bitcoins, which we received for $ 1.145 billion at an average price of ~ $ 16,109 per bitcoin. ”
what happened after that?
If flows to the Grayscale Bitcoin Trust and outflows from Coinbase have increased dramatically since the meeting, this could indicate that some companies may have bought BTC.
There is a real possibility that some of these 1,400 companies will follow the power of MicroStrategy, especially given the impact of the BTC investment on the company. In fact, MSTR is one of the few stocks to even surpass BTC in recent months.
Bitcoin is currently hovering below the $ 38,000 resistance level, the last remaining resistance before the $ 40,000 to $ 42,000 streak.