One of the leading companies in business intelligence and analytics is making a large investment in Bitcoin, at a time when the coin’s value is rocketing up toward yearly highs.
Cointelegraph reports the MicroStrategy firm has bought 21,000 Bitcoins for the sum of roughly $250 million.
“The move marks a watershed moment for institutional uptake of Bitcoin, and did not go unnoticed by commentators,” writes William Suberg, referencing the company calling bitcoin its “primary treasury reserve asset.”
Meanwhile, the overall practice of using Bitcoin as, say, a capital reserve medium is somewhat common, and becoming more so.
At the end of the day, the move toward cryptocurrency is backed up by some analyst projections that digital coins are going to do well against a weakening dollar.
So what does MicroStrategy actually do?
This company has been around since 1989, and is now pioneering various cloud and business intelligence products and services. Some of these are fairly common, like data visualization in the form of corporate dashboard services. Others, like federated analytics, are again, proprietary terms. For example, MicroStrategy posts its own ‘hyperintelligence’ program that seems to mainly consist of tying texts to mouse-over events where insights will ‘jump out’ at the user.
“For the first time, you don’t have to go looking for insights—they come to you,” write MicroStrategy spokes persons. “With HyperIntelligence, zero-click insights are now available everywhere, all the time, for everyone.”
Will more companies follow suit in leveraging cryptocurrency as a capital reserve resource? With the interest, transparency, and immutability of decentralized finance, that’s pretty likely. Follow this through the end of this year and beyond if you have cryptocurrency holdings or are looking at anything in the blockchain sector.