MicroStrategy is planning a huge meeting to discuss Bitcoin and its standing as a store of value. The large $6.37 billion conglomerate will join with certain public companies on Feb. 4 to talk about the world’s top cryptocurrency.
The leader of MicroStrategy, CEO Michael Saylor, explained that executives from over 1,400 companies will be at the event.
“If you want to know more about the legal aspects of integrating Bitcoin into your corporate strategy, you are not alone,” Saylor said. “We have people from more than 1400 organizations meeting with us tomorrow.” He also mentioned that he has never seen so many CEOs attend one event. And ended by saying “every business can benefit from joining the global Bitcoin Monetary Network.”
Ever since MicroStrategy began aggressively accumulating Bitcoin in 2020 as its main asset, there has been a definite uptrend in large institutional demand.
Bitcoin is becoming safer as a store of value as fear of inflation continues to grow. The demand for the cryptocurrency is evident by the rising money inflows into Grayscale’s Bitcoin Trust.
The accumulation of Bitcoin by wealthy investors and larger institutions in America coincides the upcoming meeting between MicroStrategy and over 1400 public companies.
The firm has also been actively buying the dips recently. The latest order came on Feb. 2, with MicroStrategy raking in another $10 million in Bitcoin.
The company now has a portfolio of 71,079 BTC, which is worth $1.145 billion fiat, and which it bought at an average price of around $16,109 each.
If more money flows into the Grayscale Bitcoin Trust after the meeting, then it might suggest that some large companies have bought a stake in Bitcoin.
There is a real likelihood that some of those 1,400 companies will follow Microstrategy’s plan, especially considering the effect that buying Bitcoin had on the organization. In fact, MSTR is among the small amount of stocks that have outperformed Bitcoin in the past quarter.