MicroStrategy CEO Michael Sailor revealed new details of how his company organized the acquisition of 16,796 BTC.
MicroStrategy announced this week that it has invested an additional $ 175 million in Bitcoin, in addition to the $ 250 million it invested in August.
According to Sailor, they had to trade non-stop for 74 hours and close trades every three seconds. As a result, 88,617 applications were processed, each for approximately 0.19 BTC.
Sailor previously spoke about the background that prompted MicroStrategy to transfer most of its reserves to Bitcoin: “To our own horror, we came to the realization that we were sitting on a block of $ 500 million, and it was melting. This is not speculation or hedge. This is the company’s directional strategy to adopt the Bitcoin standard. ”
Who is next?
Analysts, meanwhile, expect other companies to follow MicroStrategy’s example. Willie Wu is betting on Twitter CEO and big Bitcoin supporter Jack Dorsey. He admits that Dorsey will decide to place a part of the corporate assets under his management in cryptocurrency in order to avoid their devaluation.
Speaking with Morgan Creek Digital co-founder Anthony Pompliano, Sailor said there are currently 35,000 public companies with $ 5 trillion in free reserves. According to Wu, if such companies decide to place 1% of their capital in bitcoin, this will be enough to raise the cryptocurrency capitalization to $ 2 trillion.
“Dorsey controls $ 10 billion in cash reserves on Twitter and Square. Inflation reduces their value. He only has one word in his profile, and that is the word bitcoin,” adds Wu.