MicroStrategy buy 21k bitcoins as its CEO discusses the end of Fiat currency

• Earlier this week on the 11th of August, a publicly listed company MicroStrategy announced that it has bought more than 21,000 bitcoins in an attempt to hedge against federal lead inflation. 
• At the time, this amount of bitcoin was worth $250 billion.

Earlier this week on the 11th of August, a publicly listed company MicroStrategy announced that it has bought more than 21,000 bitcoins in an attempt to hedge against federal lead inflation. At the time, this amount of bitcoin was worth $250 billion.

The impact this has on bitcoin, is a pretty big milestone. This is because it gives credibility of how the king coin is gaining further popularity on Wall Street as a reliable store of value.

A press release was published earlier this week saying that the company had bought the mass sum of bitcoin with the company adding that they prefer the leading Cryptocurrency because it is a great hedge against inflation, caused by the quantitive easing measures pushed by the Federal reserve.

The chief executive officer of the company, Michael J. Saylor believes that the flagship Cryptocurrency is a safe haven asset that has big potential to appreciate more in the long term compared to Fiat currencies.

He further went on to say:

“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.” 

Giving more reasons, Saylor said that the coronavirus pandemic and the seemingly infinite money printing in the United States has accelerated at the debasement of Fiat currencies. 

This is why bitcoin and Cryptocurrency is a safer bet, from a technical perspective. 

He added:

“We find the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos of Bitcoin to be persuasive evidence of its superiority as an asset class for those seeking a long-term store of value. Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!