Bitcoin, after a long period in the wilderness, has begun to find its place both on Wall Street and with non-financial companies.
The bitcoin price, up 6% on this time last year, has recently surged after trading sideways since early May—topping $11,000 per bitcoin for the first time since last September as nervous investors brace for a bout of inflation due to huge government spending and cash creation designed to offset the economic damage wrought by the coronavirus pandemic.
Now, the Nasdaq-listed
“Our investment in bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” MicroStrategy chief executive Michael Saylor said in a statement, adding the company believes bitcoin “is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
Bitcoin is “superior to cash,” according to Saylor, pointing to “macro factors” including the coronavirus pandemic, global quantitative easing measures, political and economic uncertainty,