In 2020, MicroStrategy became the first publicly traded company to adopt Bitcoin as its primary reserve asset. This development was one of the most talked about events of the last year.

The company recently hosted a conference aimed at other companies to adopt MicroStrategy’s reserve strategy. It is worth noting that its CEO, Michael Saylor, is a big BTC bull. Saylor announced that 22,000 people registered for the “MicroStrategy World 2021” conference. Approximately 8,000 of them participated in the “Bitcoin for Corporation” speech with the representatives of 6,917 different companies.

Among the organizations and representatives attending the event were Galaxy Digital co-founder Mike Novogratz; Vince Kwok, Vice President of Global Corporate Affairs; Dave Abner, Global Head of Business Development, Gemini; Grayscale Investments CEO Michael Sonnenshein; NYDIG founder and Chairman Ross Stevens.

Saylor described the attendance at the event as “very strong”. The sessions used by MicroStrategy to buy Bitcoin in 2020 and the “Playbook” have been uploaded to the company’s website. Saylor wants more companies to join the Bitcoin network and is willing to provide the materials and tools they need.

NYDIG CEO Ross Stevens thinks that by the end of 2021 more than $ 25 billion will flow from institutions to the Bitcoin market. However, the shares of MicroStrategy (MSTR) have gained over 468% since the adoption of BTC, according to Ecoinometrics records. So it wouldn’t be a surprise that Stevens’s prediction came true.

The MicroStrategy event coincided with increasing institutional involvement in the crypto market. Data from analyst Willy Woo shows an increase in BTC exits on major exchanges, as shown in the graph below. Initially, the analyst linked this to MicroStrategy’s conference.

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However, Woo thinks the purchases are not made by the institutions exactly, but by managers and senior members in companies for their personal reserves. This is because public companies need to obtain a permit that can be delivered between 6 and 9 months after applying to buy Bitcoins in the US. So right after the conference, it does not seem possible for companies to buy Bitcoin directly and raise the price. The analyst stated that the on-chain data looked similar before revealing MicroStrategy’s strategy in 2020. So the same effect was seen 6 months before Microstrategy announced its first acquisitions.

For this reason, the analyst said that it is possible for more BTC exits from exchanges and the number of companies adopting Bitcoin by the end of 2021.

Finally, Bitcoin is trading at $ 39,096 after the $ 40,000 level was rejected at the time of writing.

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