Publicly traded company MicroStrategy adopts Bitcoin as it’s primary Treasury Reserve Asset by purchasing 21,454 bitcoins at an aggregate purchase price of $250 million, inclusive of fees and expenses. The purchase of Bitcoin cryptocurrency was made pursuant to the two-pronged capital allocation strategy previously announced by the company when it released its second quarter 2020 financial results on July 28, 2020. This is a very bullish for Bitcoin and the crypto market and we may see other companies with large cash reserves invest their cash in Bitcoin.
“This investment reflects our belief that bitcoin, as the world’s most widely adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” said CEO Michael J. Saylor.
Investment analyst Timothy Peterson says Chainlink (LINK) price might hit $32 by the end of 2020, but holding that level would be impossible. Major U.S. banks might be willing to support cryptocurrency services – with just a bit of additional guidance from the Office of the Comptroller of the Currency (OCC), their federal regulator.
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