Bitcoin has recently taken the crypto industry by storm by shooting to a whopping $14,000+ in the past few days. As per the experts, a vital reason behind the extraordinary rise of the coin of late is surely its increasing adoption in the mainstream market, especially by that of corporate giants like Grayscale and Square. And then, of course, there is the esteemed business intelligence company MicroStrategy. The firm has lately grabbed headlines for investing a massive 425 million USD of treasury funds right away into Bitcoin. The incident has sent serious ripples across the overall fiscal industry, inspiring curiosity that whether MicroStrategy’s huge investment in BTC would draw in more numbers of corporate giants to the crypto scene.
Interestingly, MicroStrategy founder and CEO Michael Saylor was initially a Bitcoin skeptic. But the coin’s promising march, especially in the last few months, has turned Saylor into a full-fledged Bitcoin patron- so much so that he has already declared Bitcoin as his company’s primary reserve asset for the firm treasury. Saylor has even gone to declare that his investment in Bitcoin has been rewarded with extraordinary return potential. Per the sources, Saylor’s company has garnered a whopping 100 million USD from its BTC purchases in the past two months. It’s certainly a colossal figure compared to 78 million USD earned by MicroStrategy from its entire business operations over the past 3.5 years.
“MicroStrategy is definitely an influential name in the corporate scene. The company’s increasing support for Bitcoin and reports of excellent returns from its recent investment in the coin would naturally draw the interest of many other corporate giants towards BTC and crypto in general. But, it seems the massive success of one company in the crypto scene, no matter how big it is, is not sufficient to pull in other corporate biggies to the table”, stated Sina Estavi, CEO of rising oracle system Bridge Oracle.
As per Sina and many other financial experts like macroeconomist Raoul Pal, MicroStrategy’s glorious experience with Bitcoin alone is not enough to leverage mainstream adoption of BTC yet. They are of the opinion that a major reason that hinders the mainstream attention towards BTC is that the mainstream financial industry does not understand the language of the crypto world. As a result, cryptocoins like BTC, despite its amazing bullish run of late, are still mostly limited to crypto insiders who understand the industry language.
Pal has stressed that Saylor might not be able to pull in corporate adoption for Bitcoin, especially because he is currently speaking Bitcoin’s language and not the specific language that’s understood by corporate treasurers.
Cryptocurrency is still a relatively newer concept in the contemporary fiscal scene. On top of that, it’s based on a next-gen technology and hence most of the existing organizations in the current fiscal scene have not been fully able to comprehend the ins and outs of the crypto world. So unless a company explains the advantages of Bitcoin to the other corporate firms in their own language, Bitcoin’s mainstream adoption would remain a distant dream.
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