The virus is spreading
What started, at least publicly, was one company announcing that they had converted the cash on their balance sheet to bitcoin as their primary reserve asset.
This company was MicroStrategy.
More on their announcement can be seen here:
The TLDR of it was that MicroStrategy converted $250 million of USD into Bitcoin throughout the second quarter of this year.
This was quite the move by a large publicly traded company who in effect became a bitcoin holding company and their stock responded by immediately going up by double digits.
After that, we saw several other smaller companies following in MicroStrategy's footsteps...
A middle-eastern restaurant chain called Tahini's announced via Twitter that they had also converted their cash on their balance sheet into bitcoin to be held as a reserve asset.
More on that can be seen here:
https://hive.blog/hive-167922/@jrcornel/another-business-opts-to-convert-cash-reserves-into-btc
While this was a much smaller company that MicroStrategy, this announcement made it clear that this wouldn't be a one off event of businesses looking to bitcoin.
And then today, we got more evidence of this...
The CEO of Snappa announced today via Twitter that his company had invested 40% of their reserve assets into bitcoin:
Why is this happening???
Beyond what we already know about bitcoin, the CEO of Snappa spelled out why companies are going to continue to do this was laid out very well in his accompanying blog post.
The start of which can be seen here:
For an in-depth look at the reasons why they decided to make this move and why other companies will too, check out the rest of the blog here:
https://chrisgimmer.com/bitcoin-reserve-asset/
It's a great read and I highly recommend it if you get the chance.
The long and short of it is that they don't anticipate the money printing to be stopping any time soon.
The genie is out of the bottle and it's unlikely to be put back in.
The virus is spreading and I'm not talking about covid-19.
Stay informed my friends.
-Doc
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