Earlier this week, Bitcoin (BTC) bulls and cryptocurrency investors were delighted with the news MicroStrategy, a Nasdaq-listed business intelligence company valued at $ 1.2 billion, has officially taken Bitcoin as its primary reserve asset by purchasing BTC 21,454 ($ 250 million).
This caused most of the top cryptoanalysts and industry professionals to post very optimistic statements on Twitter, and for many This confirmed the belief that Bitcoin is in the early stages of a bull market.
While this news is exciting and a strong sign that the institutional adoption of cryptocurrencies is continuing, there is even better news. BlackRock, the $ 89 billion investor giant, is the largest shareholder in MicroStrategy.
According to CNN Business BlackRock Fund Advisors has a 15.24% stake in MicroStrategy. This means that the recent purchase of MicroStrategy BlackRock allows indirect exposure to Bitcoin “”Bitcoin Open Equity Company“.
MicroStrategy has BlackRock as the majority shareholder. Source: CNN Business
MicroStrategy forecasts a weaker dollar
In an official statement, MicroStrategy said that Bitcoin would be recognized as a “primary treasure reserve”. and its CEO Michael J. Saylor realized that Bitcoin could potentially be superior to cash.
“Since its inception more than a decade ago, Bitcoin has become an important addition to the global financial system, with features useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate asset that can be superior to cash and.” As a result, made Bitcoin the main part of its treasury reserve strategy. “
Shopping becomes even more interesting If we take into account the previous comments that both Saylor and BlackRock’s strategists have made about Bitcoin.
In February 2018 we spoke to CNBC, BlackRock’s strategist and global chief investment officerRichard Turnill said:
“We see that cryptocurrencies may become more widely used in the future as they mature. However, we currently believe that they should only be considered by those who can potentially bear full losses.”
At this moment Turnill set out a few factors that could help keep Bitcoin afloat in the long term. He also stressed that a global legal framework for cryptocurrencies could potentially support the growth of crypto assets.
Since then, The G7 Financial Action Task Force (FATF) has created a uniform legal framework for cryptocurrencies. Most of the major countries in Asia, Europe, and the United States have also adopted clearer guidelines regarding cryptocurrencies.
Saylor, who this week expressed optimism about the long-term development of Bitcoin, had an even more critical outlook in 2013 than said::
“The days of Bitcoin are numbered. It seems only a matter of time before it suffers the same fate as online gambling.”
The perception of Bitcoin is changing
Companies that previously rejected Bitcoin are starting to practice with cryptocurrencies. For example, JPMorgan reportedly accepted the Bitcoin exchanges Coinbase and Gemini as customers in May.
Changpeng Zhao, the CEO of Binance, said::
“A smart public company is buying $ 250,000,000 worth of Bitcoin as a safe haven. Stimulus money flows from Wall Street to Bitcoin. Are you in front of them or behind them? “”
This turnaround in the cryptocurrency industry underscores the maturity and growth of Bitcoin as a store of value.