The Bitcoin is fast becoming a hedge fund, proving its worth as a currency to shore the world against economic uncertainties. The Bitcoin today trades above $11,500, showing bullish signs of significant increase.
Although the Bitcoin's acceptance as an investment and exchange is massive, it was not always like this in the past.
In the past few years since the emergence of Bitcoin as a cryptocurrency, several cynics have dismissed its influence and legality. They promised it was a failed endeavour. However, many of them today have rallied round in support of it’s acceptability. From US bank, Goldman Sachs entertaining clients request for transactions in cryptocurrency, to more recently MicroStrategy’s investment in Bitcoin.
In a major plot twist early this week, American Software Company, MicroStrategy, indicated it plans to invest $250 million in Bitcoin. MicroStrategy's latest move is in a bid to protect and cushion the economic uncertainties and fears of inflation.
Analysts view MicroStrategy’s move as an endorsement of Bitcoin and cryptocurrency. It can be recalled that in 2013, the company, through its CEO, Michael Saylor, in a tweet, predicted the death of Bitcoin.
See the tweet Saylor made on December 19, 2013
See the tweet Saylor made on August 11, 2020
I hope you loved every bit of this piece. It's a significant win for Bitcoin and cryptocurrency. Feel free to air your view(s) in the comment section.