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- Keeping in line with its vision, MicroStrategy plans to add to its blockchain prowess by hiring domain specialists.
- Move presumed as the first in a series of steps after CEO Michael Saylor’s bold bet of $175 million on Bitcoin.
- New team to improve Bitcoin metrics and insights using an indigenous platform to perform analytics on both public as well as private blockchains.
Being the very first company to bet big on BTC, MicroStrategy seems to be taking a marked interest to capitalize on its unique position as both a leading business intelligence company as well as one of the main reasons for Bitcoin’s bullish run in the stock market. The company does not have any major blockchain products that can be commercialized as yet, however its recent hiring initiative may change this position in the near future.
Company’s core strategy
Led by its CEO’s huge faith in Bitcoin, the company initially bought $175 million worth of Bitcoin. It was to be used as a reserve asset. To improve upon this investment, the company plans to put together a team of specialists. This team is put together for blockchain-related analysis. This may possibly lead to MicroStrategy building blockchain based products and services for its clients in the near future.
Differences of opinion
CEO Michael Saylor seemed to be the only enthusiastic and vocal supporter of the Bitcoin standard among the company’s board of directors. The board was seemingly nonchalant about the idea of investing more in a volatile stock such as BTC. To convince them, Saylor put forth the fact that the whole banking network of Bitcoin’s blockchain was being run by an extremely trustworthy software which had the potential to revolutionize the banking system. The company has now expressed intent to hire talented individuals specializing in both permission and permission-less blockchain systems. The firm also plans to improve upon its native cryptocurrency, Saylormania, even though it now has reserves of 71,079 BTC in its cash reserves.
Bitcoin’s junk market data
Saylor is perceived to be drawn towards Bitcoin. This is especially because of irrefutable false data surrounding the Bitcoin phenomenon. In a release, he argued that the true potential of BTC was not being realized due to garbage market data. This was the term he used specifically to mean the inconsistency in Bitcoin leading to its very high volatility. Recent moves by his company would enable it to become a Bitcoin investor, but at the forefront of Bitcoin business innovation.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
