- NASDAQ hosted a virtual interactive seminar called Bitcoin for Companies at MicroStrategy yesterday to introduce Bitcoin to companies. The purpose of the event is to advise companies on how to buy BTC as a treasury strategy.
NASDAQ hosted a virtual interactive seminar called Bitcoin for Companies at MicroStrategy yesterday to introduce Bitcoin to companies. The purpose of the event is to advise companies on how to buy BTC as a treasury strategy.
More than 1,400 companies attended the event
According to MicroStrategy CEO Michael Saylor, the first day was a huge success, with over 1,400 companies attending. Day 2 continues today with the focus of the discussion on vendors who made presentations to the participants.
MicroStrategy made headlines in August 2020 as the first publicly traded company to buy a substantial amount of Bitcoin as part of its treasury strategy.
The firm outlined the reasons for doing this in a press release. In it, they say, the approach aims to maximize long-term value for shareholders. Saylor also talked about the benefits of Bitcoin over cash as a response to macroeconomic factors.
“MicroStrategy spent months determining our capital allocation strategy. Our decision to invest in Bitcoin at this time was partly due to the combination of macro factors affecting the economic and business environment, which we believe poses long-term risks to our corporate treasury program. ”
Since then, Saylor has become an evangelist for Bitcoin, promoting litigation on many fronts.
Saylor: “Bitcoin could reach $ 15 million”
More recently, Saylor gave an interview where he gave a price estimate of $ 15 million per token. Real estate, stocks, etc. He believes this is possible if the flood of capital from all other industries such as entering the leading cryptocurrency.
Business analyst Frances Coppola announced that he especially appreciated
MicroStrategy’s move to use cash stacks in a zero-interest market. But he questioned why the firm didn’t invest in new product lines or upgrade existing ones, rather than splurge on BTC. She also raised the risk of cash flow by weighing on Bitcoin.
Legal issues are on the agenda
Holding significant amounts of BTC could lead MicroStrategy to be considered an investment firm or perhaps a de facto Bitcoin exchange-traded fund. This can have legal and regulatory consequences.
This problem is perhaps the biggest obstacle for CEOs to move with Bitcoin. And Saylor is aware of the problem:
“If you are interested in the legal issues companies face while integrating Bitcoin into their corporate strategies, you are not alone. We have professionals from more than 1400 companies that join us tomorrow for this discussion. “