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Bitcoin Drops Below $11500 Amidst $250 Million Fund From Wall Street to Bitcoin

Highlights

    Bitcoin worth $250 million poured in from Wall Street as a safe haven asset.

    A largest independent publicly-traded company announced the purchase of Bitcoin.

    The Nasdaq-listed company’s stock is trading up to more than 5 percent during pre-market hours.

Slowly but surely.! Looks like some of the big players from wall street are watching crypto space very closely. In fact, MicroStrategy, a publicly-traded company recently adopted Bitcoin as Primary Treasury Reserve Asset.

As discussed by the crypto community – It Just. Getting. Started.

MicroStrategy Sees Bitcoin As a Safe Asset

A Nasdaq listed intelligence company, MicroStrategy, has announced the purchase of 21,454 bitcoins worth $250 million, inclusive of fees and expenses. This move was incorporated to avoid inflation which was first bought to light on June 28, when the company’s president and CTO, Phong Le, made comments during an earnings call.

“ Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said CEO Michael J. Saylor.

“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,” he added

However, the details of purchasing bitcoin through an exchange or over-the-counter(OTC) trading desk, is still under the mist.

You may also read – 5 Stunning Reasons Why Bitcoin Becomes a Better Investment During COVID-19

Bitcoin Drops Below $11500

Let us also inform you that the Biggest cryptocurrency, Bitcoin is currently trading at $11361 against USD. However, it appears that the MicroStrategy’s Bitcoin announcement had no or little influence or the daily price of Bitcoin. The currency at the press time is plummeting by 3.19 percent.

Bitcoin is ‘Safer than Cash’

With the economy going down to its knees and inflation touching the skies, the need for alternative hard money becomes more precise. Therefore, the current bullish race of bitcoin has led to crypto mass adoptions, dumping the traditional assets, and fiat money.

Well, many traders and influencer in the crypto community have speculated the same. Some of the crypto followers also felt that the company could publicly list bitcoin too. A Crypto bull Anthony Pompliano said that Bitcoin is digital gold which is harder stronger, faster, and smarter than any money.

Also know – How American Footballer Lost All Money in Crypto But Believes in Bitcoin Still

Binance CEO CZ also tweeted and said that Bitcoin is a ‘Safe Haven’ asset than any fiat currency. They might act as a big push to the crypto market as when the big companies invest in cryptos, the other might also follow. 

In the year 2020, many billion-dollar companies picked up crypto as an alternative asset. These companies include VISA, Mastercard, JP Morgan, and now MicroStrategy. Therefore, the major bull run will likely come this year that would continue in 2021 also.

So readers, what’s your take on Wall Street money flowing to Bitcoin? Let’s discuss on Twitter – Tag us @CoinpediaNews

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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