New York, Dec. 29, 2020 (GLOBE NEWSWIRE) — Tech Capital, the trusted source for technology news and analysis, is highlighting recent comments made by MicroStrategy Inc, Square Inc, NexTech AR Solutions Corp, PayPal Holdings Inc and CleanSpark Inc discussing the adoption of Bitcoin in corporate asset allocation strategy.
According to the currency tracking site, bitcointreasuries.org, Bitcoins worth more than $30 billion are held by companies using them instead of traditional reserves such as cash and shares. Included on the list is MicroStrategy Inc, which is now sitting on 70,470 Bitcoins, bought for around $1.125 billion.
Corporate and investor demand for the cryptocurrency, which, like gold, is prized for its safe-haven qualities, recently pushed the Bitcoin price above US$27,000 to a new all-time high. In March it was trading below US$5,000.
MicroStrategy Incorporated (NASDAQ:MSTR) chief executive Michael J Saylor says Bitcoin is a “dependable store of value”
Earlier this month the business intelligence company announced it had purchased an additional 29,646 Bitcoins for US$650 million in cash “in accordance with its treasury reserve policy”.
“The acquisition of additional Bitcoins…reaffirms our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value,” said chief executive Michael J Saylor.
“We believe the proactive management of our balance sheet, combined with the improved revenue and profitability performance of the company, have been significant factors in the recent appreciation in our stock price.”
Chief financial officer Phong Le added… “The company continues to believe Bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash. We also remain dedicated to our customers and our goal of operating a growing profitable business intelligence company.”
Square Inc’s (NYSE:SQ) CFO Amrita Ahuja says we “intend to learn and participate in a disciplined way”
“We believe that Bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s CFO, Amrita Ahuja, after the purchase of Bitcoins worth $50 million. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”
Square’s founder and chief executive, Jack Dorsey, is a long-time advocate of the digital currency. The Twitter co-creator is on record as saying it could eventually become the world’s “single currency”.
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Read more:CEOs from MicroStrategy, Square, NexTech AR Solutions, PayPal and CleanSpark