MicroStrategy Incorporated, a worldwide provider of enterprise software platforms, has announced it decided to invest in bitcoin (EXANTE: Bitcoin) as part of the two-pronged capital allocation strategy.
According to an official press release, the company considers bitcoin as "a dependable store of value and an attractive investment asset with more long-term appreciation potential."
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The company has reportedly purchased 21,454 BTC at an aggregate purchase price of $250 million.
MicroStrategy Co-Founder and CEO Michael J. Saylor says the company seeks to maximize long-term value for its shareholders with the help of the largest by market capitalization cryptocurrency.
"This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash," Saylor added.
Saylor believes bitcoin is digital gold by all means and the company expects bitcoin's value to accrete with advances in technology, expanding adoption, and the network effect "that has fueled the rise of so many category killers in the modern era."
MicroStrategy Incorporated is the largest independent publicly-traded business intelligence company founded back in 1989.
Hence, the company became the first one to adopt bitcoin as a treasury reserve asset.
In July, iHodl reported that popular American investor and Tudor Investment Corp. CEO Paul Tudor Jones bought bitcoin as a hedge against the inflation risks.
"We are witnessing the Great Monetary Inflation -- an unprecedented expansion of every form of money unlike anything the developed world has ever seen," Jones said.
He also added that the situation on the stock market reminded him of the role gold played back in the 1970s.
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