Among the many reasons for the ongoing bull run in Bitcoin, has been the emergence of corporations and businesses adding BTC to their company treasury reserves.
The sudden increase in demand for large sums of BTC during a period of low supply has caused prices to go parabolic. Interestingly, so have the numbers of mentions in company earnings reports that reference the first ever cryptocurrency by name.
Bitcoin Becomes Corporate Treasury Asset, Led By MicroStrategy CEO Michael Saylor
2020 was undeniably the year Bitcoin officially matured as an asset. Rather than pure speculation, the cryptocurrency network has shown it is here to stay, and instead the underlying asset is being leveraged to protect against dollar inflation.
Hedge funds began dumping gold expecting Bitcoin to be the better performing safe haven asset and economic hedge, and shortly thereafter major publicly traded corporations started swapping out useless cash reserves for an asset that over its lifecycle has appreciated more than anything else in history.
The bull trend took off once corporations began buying BTC | Source: BTCUSD on TradingView.com
The effort was first led by Michael Saylor, CEO of the Nasdaq-listed software firm MicroStrategy, who has since attracted more high-level CEOs and brands to the cryptocurrency sector, such as Elon Musks Tesla, and long-time Bitcoin supporter Jack Dorsey, whose company Square Inc. also bought a lions share of BTC.
Mentions Of Top Cryptocurrency During Company Earnings Reports Breaks Record
Since the trend of corporations suddenly scrambling to buy the ultra scarce cryptocurrency first began, the price per coin has gone parabolic once again. Also climbing at a similar rate, is the number of ...
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