Bitcoin has taken a bit of a stumble as of late. The world’s number one digital currency by market cap – which spent most of early January trading for over $40,000 (its highest point yet) – has dropped to about $33,000 at press time. The move has quite a few analysts and industry experts worried, but according to Michael Saylor – the CEO of MicroStrategy – next month could be rather big for the asset.
Michael Saylor Will Push a BTC Agenda
MicroStrategy has made quite a name for itself over the past five months. The company is one of the first major institutions to support bitcoin openly and buy up hundreds of millions of dollars-worth of the digital asset between August and December of last year. In February, the company’s CEO Michael Saylor is planning to host a digital summit all about bitcoin and its ongoing benefits, and he’s confident the next four weeks could bring about a whole new level of digital stamina.
In a recent interview with CNBC, Saylor explained:
We’re going to have thousands of executives, officers, directors and advisors of corporations coming together in the first week of February. They all want to figure out how to plug bitcoin into their balance sheet or their PNL. We’re going to publish our playbook, all our accounting guidance, our legal guidance, all the work we did over the course of months to get ready to do this as a publicly traded company, and we’re going to open source it, making it available to everybody with the thought of saving them millions of dollars in weeks or months to make this an easier transition.
Saylor plans to release the plans regarding how his company was able to invest so much in bitcoin. It’s interesting considering how much his company has already set forth a bitcoin investing path for so many other institutions which have followed in his enterprise’s footsteps.
Following the news that MicroStrategy had gotten so involved in the world’s number one digital currency, firms such as Stone Ridge – which will co-head the seminar – Square and MassMutual were swift to do the same.
This Could Boost Bitcoin Awareness
Joe DiPasquale – the chief executive officer of Bit Bull Capital in San Francisco, California – was quick to give his sentiment regarding the conference, claiming that it could potentially make more major companies interested in cryptocurrency trading. He commented:
This conference could drive interest in bitcoin further, and even if that does not translate to immediate price gains, it will definitely have a positive, long-term effect. There is also a possibility that hype around the conference could boost retail sentiments and drive some retail buying… We can also expect other companies to start emulating MicroStrategy’s approach and invest some portions of their treasures into bitcoin, as MicroStrategy’s CEO recently suggested to Elon Musk.