Thousands of executives are interested in bitcoin
Bitcoin has become a bit of a phenomenon on Wall Street and in the corporate world in recent months.
It started in August when MicroStrategy bought Bitcoin with money from its own coffers, showing the world that, yes, BTC can be a long-term investment and store of value.
Square followed, then, more recently, a number of smaller companies and even Wall Street funds opened their eyes and ears to what was going on in the crypto space. Compared to the past, there are now hundreds of millions, though probably more like billions, in the crypto asset space that have been siphoned off by institutional players.
And that may not be all, according to Michael Saylor, CEO of MicroStrategy.
Will “corporate America” buy more bitcoin?
Michael Saylor recently spoke to CNBC to share his views on the crypto asset market.
There, it was revealed that Saylor will be hosting a digital conference to allow Corporate America executives to learn more about Bitcoin and how they can implement it into their businesses:
“We will have thousands of corporate executives, board members, directors and advisors coming together the first week of February. They all want to find out how they can incorporate #Bitcoin into their balance sheet or their P&L…We will open source it.”
What’s interesting here is that Saylor expects “thousands” of people to come together to discuss the cryptocurrency phenomenon.
MicroStrategy will disclose its playbook and internal documents regarding exposure to bitcoin to try to give American companies a better understanding of how they should deal with volatility, regulatory trends and other issues that can arise from investing a cash position in BTC.
Analysts expect these corporate inflows, which may eventually arrive, to drive this market way up.
Strategists at JPMorgan, for example, recently stated that if the world’s pension funds and insurance companies invested just one percent of their assets in BTC, there could be an influx of $600 billion in demand for bitcoin (Go to Buy Bitcoin with Credit Card Guide):
“If pension funds and insurance companies in the US, eurozone, UK and Japan invested 1% of their assets in bitcoin, that would lead to an additional $600 billion in bitcoin demand, strategists say.”