MicroStrategy has shared its investment experiences with corporations, which has increased the visibility of Bitcoin. The pioneering cryptocurrency is the fourth preferred investment asset, over gold.
During the first week of February, there was a lot of promotion of the benefits of Bitcoin as a strategic reserve in the corporations. Besides, the price of Bitcoin recorded a significant rally that led it to again exceed the USD 40,000 mark.
The MicroStrategy Company recently shared with the top executives of around 1,400 corporations what Bitcoin could represent for them. Michael Saylor’s company also explained the benefits of using it as a store of value and a hedge against inflation. Bitcoin is trading at around USD 39,150, after climbing to USD 40,760 for the second time this year.
The Basic Parameters of Bitcoin
Some analysts say that the fact that MicroStrategy shared its experience with other companies was a driver for the price. However, on-chain data for Bitcoin and other metrics were already showing bullish signs since the beginning of the month, according to Willy Woo. The analyst maintains that the profit-taking phase is now over and that the price of BTC is pointing towards USD 56,000.
The increasing number of bitcoins leaving exchanges and the increase in active Bitcoin addresses are healthy signs of the network. These parameters could influence the price support and momentum more than external events. When Tesla CEO Elon Musk put the Bitcoin logo on his Twitter profile, the cryptocurrency rallied. However, when he removed the Bitcoin logo, during a campaign in favor of Dogecoin, the rally of the first cryptocurrency did not reverse.
Bitcoin-Based Corporate Strategy
MicroStrategy is the public company that has made the largest investment in Bitcoin as a strategic reserve asset. For this reason, more than 2,000 managers were interested in knowing the investment strategy that they have been using.
Ross Stevens, CEO of Stoneridge, spoke with Michael Saylor, CEO of MicroStrategy, about the relationship of the Bitcoin asset with the Bitcoin network. He called the latter an “open-source monetary system” upon which a growing number of apps deploy.
After that, Saylor revealed three keys to a Bitcoin-based corporate strategy. At the same time, the Executive Vice President and General Counsel of MicroStrategy highlighted the main legal aspects to consider when investing in Bitcoin.
MicroStategy CFO Phong Le and VP of Financial Analysis Jeremy Price shared the “Bitcoin Corporate Playbook”. They talked to the top executives of other companies about the firm’s Bitcoin strategy.
A Promising Week for Bitcoin
Market analysis site Seeking Alpha published a relevant study on the evolution of the price of Bitcoin. Following the Elliott wave model, they predict that Bitcoin would culminate the bullish run with a price of USD 150,000. The authors consider that the model has performed quite accurately in previous bullish cycles.
According to a survey that Japanese exchange bitFlyer conducted in the United States, Bitcoin is the fourth preferred investment asset. The three thousand people who participated in the consultation chose it over gold. Stocks, real estate, and deposit insurance and certificates lead the preference among the respondents. Curiously, Bitcoin outperforms long-standing assets like mutual funds, bonds, foreign currencies, and commodities like gold.
By Alexander Salazar
