By Hassan Mehmood (Saudi Arabia)
MicroStrategy is one of the largest Institutional Bitcoin holders in the world. The company has some great news to offer at the end of the first quarter for the corporations that are still wondering whether they should add Bitcoin to their balance sheets or not. The most relevant industry leaders in the digital payment industry, like PayPal, VISA, and Mastercard, have already embraced the flagship cryptocurrency. However, some institutions are still making up their mind about investing in Bitcoin.
Michael Saylor is one of the earliest adopters of Bitcoin. He has not only added Bitcoin to the balance sheet of his company but has become an active advocate for other institutions to follow suit. It seems that he also played an important role in introducing Bitcoin to the Tesla CEO Elon Musk. For the time being, MicroStrategy holds about 91,000 BTC.
How is Bitcoin Shaping the Revenue Stream of MicroStrategy?
The revenue readings for MicroStrategy in the Q1 report for 2021 indicate that the company revenue has gone up about 50%. According to Saylor, Bitcoin has played an important role in giving the company the recognition and utility that has enabled good returns- considering that in the current state of the economy, most companies are struggling to keep up with their expense and revenue differences. This type of progress is remarkable.
Also read:Saylor also told the media that the company managed to make more profits than Bitcoin holdings. During the ongoing week, Saylor has kept introducing Bitcoin as a great source of investment and endorse its bullish potential. It has been nine months since MicroStrategy has started to deposit its reserves into Bitcoin. It has made better progress in a little amount of time than conventional financing options.
Bitcoin Bulls Ready to Take Back the Charge of the Market Once Again
Bitcoin has left behind all naysayers and started to climb up skywards once again. While other currencies are following behind, the altcoin season waiters are not met with disappointments at any rate. There was a market sentiment that Bitcoin bearish move would set off a mega altcoin season. However, it seems like both Bitcoin and altcoins are acting as a directly proportional trading pair for the time being.
At the moment, the flagship coin has climbed up about $58,000. The overall crypto market cap has breached a new ATH of $2.3 Trillion. Another chance for Bitcoin to complete its much-anticipated bull run and get evaluated to a six-figure price mark could be here. It seems that the positive Q1 report has made a good market impression for the flagship crypto. The rest of the altcoin crowd is not far behind. Conceivably, May 2021 could be a great month for the crypto market in general.
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