Reading Time: 2 minutes
Business intelligence company – MicroStrategy offers mobile software and cloud-based services. It has over the years sort of altered its attention from software into investing money in cryptocurrency.
The company still specializes in data mining and business intelligence and has customers such as Hyatt Hotels, the American Red Cross, and Whole Foods Market. Though they have moved their attention to investing free cash in a fool-proof electronic currency like Bitcoin.
MicroStrategy started its cryptocurrency journey back in August 2020 when it decided to invest more than $1bn, citing poor returns on cash.
They continued with what they started and added another 19,452 units, a total of $1.026bn in cash in February 2021.
According to Michael Saylor, CEO, MicroStrategy, “from time to time… issue debt or equity securities… to purchase additional Bitcoin.”
Saylor is not just an investor but also promotes Bitcoin via the website Bitcoin is Hope. He shares his experiences on his YouTube channel. Below you can watch him describe the paradigm-shifting benefits of the currency in which his company is so heavily invested.
He has 70 percent stake in the company, though he dismissed speculation of him turning the company into a Bitcoin investment firm.
Recently Elon Musk decided to stop accepting Bitcoin payments for Tesla cars. Later the news of Buterin burning $6.6 Billion worth of Shiba Inu tokens. In spite of all the commotion around Bitcoin, it continues to roll.