MicroStrategy won’t stop at 70,784 BTC

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  • MicroStrategy is planning to hold more Bitcoin.

  • The CEO said they are exploring more ways to buy BTC.

MicroStrategy is one big-name company that has gained prominent attention in the cryptocurrency market following its bold decision to make Bitcoin their primary reserve asset. It’s also safe to mention that the publicly-traded business intelligence company is the largest corporate Bitcoin buying, holding more than 70,000 BTC. The company’s Bitcoin reserve is seemingly not going to cap anytime soon, as the CEO disclosed that they are exploring more ways to allocate additional funds to the cryptocurrency.

MicroStrategy will buy more Bitcoin

The CEO of MicroStrategy, Michael Saylor, made this known in the company’s recent Q4 2020 results filing. Saylor remarked on how the company’s journey to holding Bitcoin as a primary reserve asset has generated an extensive level of interest for them as a corporation, especially from participants in the crypto industry. That decision has also established MicroStrategy as a thought leader in the cryptocurrency market, according to the CEO.

MicroStrategy won’t liquidate their Bitcoin holdings anytime soon. As per Saylor, they are planning to hold the cryptocurrency and also raise the reserve with additional BTC purchases using their excess cash flows. For this reason, MicroStrategy is seeking other approaches for buying the cryptocurrency. The statement from the CEO precisely reads:

“Going forward, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore various approaches to acquire additional bitcoin as part of our overall corporate strategy.”

Corporate Bitcoin investors

MicroStrategy strongly believes that holding the cryptocurrency is better when it calls for inflation hedging. This belief had led the company to buy precisely 70,784 BTC in total. Following the price of BTC at $32,799, these coins are worth $2.3 billion. Many companies have joined this trend, including MassMutual, Square Inc., Galaxy Digital, and many others. Many people in the market are also optimistic that more big companies will buy Bitcoin.

Lawmakers in Hawaii introduce a bill for a new blockchain working group.

A new bill recently introduced to Hawaii’s House of Representatives could pave the way for a state-level blockchain working group overseen by the local economic development agency. The partisan Hawaii House Bill 622 was introduced by Democrats to the House and would require the Hawaii Technology Development Corporation to form the new blockchain working group. The working group would create a legal definition for blockchain and advise on recommendations for adopting and implementing blockchain technologies in the state.

Blockchain technology can be of practical use in a range of public sector functions.

The bill’s introduction sets out the view of lawmakers that blockchain technology can be of practical use in a range of public sector functions. “The legislature recognizes that the distributed ledger format that blockchain technology functions as can be leveraged to support an array of government and public-sector applications, including land registration, identity management, supply chain traceability, health care, corporate registration, taxation, voting, digital currency and payments, and legal entities management. Such technology requires an educated and thorough approach so that the implementation of blockchain technology in the state does not impede innovation and growth.”

The Hawaii Technology Development Corporation’s head would lead the group.

According to the bill, the new group would operate via a task force, chaired by the head of the Hawaii Technology Development Corporation. The task force would, in turn, invite representatives from across relevant sectors to share expertise, including from the technology and academic sectors, as well as from consumer advocacy groups, non-profits, and other stakeholders. If approved, the bill would see the working group established within 90 days, with the remit of feeding back to the state legislature a month before the House convenes for the 2022 session. The group itself is scheduled to be disbanded by June 30, 2022, after the deadline for its recommendations.

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