The former Microstrategy CEO confirmed that his company is ready to shift its focus toward Bitcoin-related development works as well as Bitcoin network adoption.
Microstrategy is a popular business intelligence firm which is known for its Bitcoin investment strategy in the Bitcoin market. In 2020, this company started buying Bitcoin under the leadership of Michael Saylor. To date, the company holds a total of 190,000 BTC, worth $9.5 billion at the current trade price of Bitcoin, and with this holding Microstrategy is the top Bitcoin holder public company.
On 13 Feb 2024, In an interview with CNBC, Michael Saylor said that Microstrategy is now a Bitcoin development company.
₿ : MicroStrategy owns a record $9,500,000,000 worth of #bitcoin
MicroStrategy founder Michael @Saylor says, “We are now a #bitcoin development company, in the same way you would see a real estate or petroleum developer”
— Documenting ₿itcoin
(@DocumentingBTC) February 12, 2024
(@DocumentingBTC)
He confirmed that his company will push the development activities around Bitcoin, to push cash flow across the Bitcoin network as well as push the adoption of the Bitcoin network in the world.
However, Saylor already passed a similar kind of statement to hint that his company shifted attention toward Bitcoin-related development works, 4 days ago.
MicroStrategy is a #Bitcoin Development Company.
— Michael Saylor
(@saylor)
First time Microstrategy purchased $250 million worth of Bitcoin in Aug 2020 and so far the company is in net profit of 60%.
Saylor grabbed huge appreciation from the Bitcoin proponents for such types of supportive decisions for Bitcoin adoption.
Bitcoin adoption post approval of Bitcoin spot ETF products
A month ago, the American securities regulatory body approved a dozen of Bitcoin spot ETF products. Because of the Bitcoin ETF products, investment in Bitcoin is currently 10 times over the production of Bitcoin via Bitcoin mining operations per day.
Yesterday Bitcoin trade price hit $50k because of the constantly increasing money inflow in the Bitcoin sector.
The current trade price of Bitcoin is $49.55 & this trade price is all time high over the last 26 months.
Read also: New Zealand Central Bank governor slams Bitcoin & Crypto and called these “misnomers”
Microstrategy decides to shift focus on Bitcoin software development & adoption
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