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Bitcoin Bull Max Keiser Believes Shareholders Will Demand Corporations to Grab BTC Following Microstrategy’s $425M Acquisition.
Keiser stated that now shareholders of other big companies and corporations are going to demand to convert their cash reserves into Bitcoin as Tahini’s pro-Bitcoin restaurant chain has already begun to do.
The Nasdaq-traded business software producer Microstrategy amazed the crypto community by placing more if its cash into Bitcoin.
Back then, its CEO Michael Saylor tweeted that the company had acquired 16,796 Bitcoin for $175,000,000.
That was the second purchase of BTC by this company.
The first acquisition took place on Aug. 11, when Microstrategy acquired 21,454 BTC for a whopping $250,000,000, making headlines in crypto and mainstream media.
Bitcoin proponent Max Keiser tweeted that now shareholders will demand that corporations start acquiring Bitcoin with their spare cash.
$MSTR declares war on the Fed, Who will join them? *Every* CFO/CEO, per statues of corporate governance, is now obligated to examine their own “melting ice cube” Shareholders will now *DEMAND* they deploy idle cash to Bitcoin. Michael Saylor is a board room revolutionary”
He was, in fact, commenting on a tweet thread posted by the Canadian restaurant chain Tahini’s, which has recently converted all of its cash reserves to Bitcoin.
On Aug. 19, the Tahini’s franchise acquired BTC using all of its spare cash reserves down to the last dollar.
The CEO Omar Hamam tweeted that, despite difficulties after the lockdown and many of his staffers deciding not to go back to work (as they received stimulus checks), he decided that the stimulus cash he received from the government would no longer be a secure investment.
So he started educating himself on blockchain and Bitcoin and then decided to convert all of his company’s cash reserves in BTC.
In other trending Bitcoin News today:
MicroStrategy CEO Says ‘Bitcoin Scales Just Fine As Store Of Value’
Bitcoin (BTC) as a store of value “scales just fine,” the CEO of the company that just purchased 38,250 BTC has said.
In a tweet on Sep. 17, Michael Saylor revealed more information about MicroStrategy’s dramatic launch into Bitcoin.
“We acquired 21,454 BTC via 78,388 off-chain transactions, then secured it in cold storage with 18 on-chain transactions. Bitcoin scales just fine as a store of value.”
Continuing, Saylor described a status quo where on-chain transactions for major investors will remain a rarity:
“If Bitcoin is treated as a treasury reserve asset, based on our model, 99.98% of all transactions will be off-chain, and assets-at-risk will be in cold storage 99.92% of the time.”
Off-chain transactions via solutions such as the Lightning Network allow Bitcoin transaction volume to increase without adding volume to the blockchain and raising fees to appeal to miners.
In his popular book, The Bitcoin Standard, Saifedean Ammous likewise argues that off-chain activity will become the norm once Bitcoin gains a much larger user base.
That could happen sooner rather than later.
Following the Pompliano interview, statistician Willy Woo picked up on Saylor highlighting the world’s 35,000 publicly traded companies that have spare cash reserves of $5 trillion.
“I make out if others follow MicroStrategy’s lead and even just 1% of that capital finds its way into BTC, that’s enough to blow Bitcoin cap to $2T,” he tweeted.
Woo added that given MicroStrategy took six months to approve its shift to Bitcoin, any copycat moves would begin to surface in 2021.
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