Bitcoin sees another bullish development: Just last year, the enterprise business company MicroStrategy entered the Bitcoin sector – amid fears of inflation and a depreciating dollar. Now it is asking other companies to do the same.
Instructions for buying Bitcoin
Business analytics firm MicroStrategy will soon be releasing a guide on how businesses can buy Bitcoin, according to a tweet from company CEO Michael Saylor. It will be released at the Bitcoin Summit 2021 event that the company is hosting next week.
Last year, Saylor urged his company to move most of its treasury assets into Bitcoin amid rising inflation, fears of a bleak economy, and a generally negative sentiment towards fiat currencies in a small segment of the corporate sector.
The firm raised over $ 1 billion worth of Bitcoin over three purchases, including a $ 650 million purchase of convertible bonds in December. Saylor’s own Bitcoin purchases for his personal portfolio were not yet taken into account.
And now MicroStrategy is campaigning for other companies to buy Bitcoin and shift some of their assets into Bitcoin. In the upcoming tutorial (“Playbook” slated to be released at an event on February 3), the company will set out legal, governance and financial considerations that other companies should consider and relate to, said CEO Saylor.
It’s the same groundwork that MicroStrategy followed for its own purchase. Saylor:
„We will be releasing our #Bitcoin Corporate Playbook, a series of documents that cover governance, legal, financial, technical, and accounting considerations, as open source.“
The release of the playbook itself will be presented by MicroStrategy CFO Phong le, who will educate companies and attendees on the key strategic and operational considerations and related steps that companies should consider when integrating Bitcoin into a treasury reserve strategy.
Other events and Bitcoin plans
The February 3 playbook launch is part of a larger event hosted by MicroStrategy that will feature other crypto companies and industry leaders and discuss a range of Bitcoin-related topics.
Some of the events as seen here are a Bitcoin Macro Outlook Strategy, Business Strategy, Legal Considerations, and Financial and Accounting Considerations for Businesses to Take When Buying Bitcoin.
And for MicroStrategy, the Bitcoin purchases are not over in the foreseeable future. In a separate tweet, Saylor writes that the company will continue to invest „excess cash flows in Bitcoin“ and acquire more of the asset as part of its broader business plans.