February Will Be An Important Month For Bitcoin (BTC)
Bitcoin (BTC) has experienced an extraordinary rally in recent months and has gained over 200% since the beginning of October (although the massive rally triggered serious bubble fears).
The boom in bitcoin prices earlier this month raised Bitcoin from about $ 8,000 in January 2020 to over $ 40,000, making the value of Bitcoins in the world more valuable than Visa, Samsung, and Berkshire Hathaway.
Now, the major Bitcoin buyer, MicroStrategy, led by Bitcoin evangelist Michael Saylor, is preparing to host a virtual “Bitcoin corporate strategy” summit designed to help other companies copy MicroStrategy’s Bitcoin investment strategy in the first week of February. Microstrategy, which currently owns around 70,000 BTC at just over $ 1.1 billion after it launched its Bitcoin buying spree last summer, is hosting this event on February 3 and February 4, and thousands have already registered to attend the event, according to Saylor.
“Thousands of company executives, officers, executives and consultants will come together in the first week of February,” Saylor told CNBC’s Power Lunch program after MicroStrategy announced that it purchased another 300 Bitcoins this week:
“They all want to figure out how to add Bitcoin to their balance sheets or PNLs. We will publish our bedside book, our entire accounting guide, legal guide, and all the work we’ve done over the months. We are ready to do this as a public company. And to make this an easier transition, we’re going to open source by making it available to everyone with the idea of saving millions of dollars in weeks or months. “
Although the full list of attendees has not been made public, the event is set to include Bitcoin industry giants including cryptocurrency exchanges Binance , Gemini, and Coinbase. Others, such as Mike Novogratz’s Galaxy Digital company that specializes in investing and developing cryptocurrency-related services, will be involved in Bitcoin macro and corporate strategy discussions.
Opening on February 3
Ross Stevens, CEO of Stone Ridge Asset Management, will open the online conference with Saylor on Wednesday, February 3rd. In October, Forbes announced that Stone Ridge has invested $ 115 million in Bitcoin. Bitcoin traders and investors will be watching the upcoming conference closely for headlines that could raise the Bitcoin price .
Joe DiPasquale, CEO of San Francisco-based Bitcoin and cryptocurrency custody service Bitbull Capital, said:
“This conference could further raise interest in Bitcoin, and even if that doesn’t mean instant price gains, it will definitely have a positive, long-term impact.”
Bitcoin’s recent surge put the cryptocurrency on Wall Street’s radar, but now Silicon Valley is also showing interest in cryptocurrency. Jack Dorsey, who currently runs both Twitter and payment company Square, was thrilled by announcing that Square bought $ 50 million worth of Bitcoin last year.