After it announced its Q4 2020 results, the business intelligence company MicroStrategy has promised it will continue to invest excess cash in bitcoin. The company also has plans to explore other ways to acquire additional BTC.
Will MicroStrategy Buy Even More Bitcoin?
MicroStrategy is the “largest independent publicly-traded business intelligence company,” and it went viral in 2020 when it bought Bitcoin in several waves, totaling over $1 billion in BTC as of now.
In the Q4 2020 results published, the company named 2020 as a “transformational year” for itself. Of course, the report mentioned new products and substantial revenues, but it also talked about the company’s BTC initiatives. MicroStrategy has made bitcoin its primary treasury reserve asset, and it plans to continue to expand its BTC endeavors.
The report also mentioned that the firm wants to “explore various approaches to acquire additional bitcoin as part of our overall corporate strategy.”
MicroStrategy’s Shareholders Are Open-Minded to BTC
Recently, Michael Saylor, the CEO and company founder of MicroStrategy, talked in detail about how the decision to invest the excess cash into Bitcoin came to be.
He spoke about how the COVID-19 pandemic made him question all of the assumptions and beliefs he had in regards to the financial system. When he discovered Bitcoin, Saylor spoke with MicroStrategy’s shareholders and tried to convince them to allocate a sizable amount of money into Bitcoin.
An educational process took place, and the majority of them went on board with the idea, but a few did leave as they got scared.
Saylor even had a conversation with Elon Musk, to whom it suggested he should convert the TSLA balance sheet from USD to BTC.