The virus is spreading
What started, at least publicly, was one company announcing that they had converted the cash on their balance sheet to bitcoin as their primary reserve asset.
This company was MicroStrategy.
More on their announcement can be seen here:
The TLDR of it was that MicroStrategy converted $250 million of USD into Bitcoin throughout the second quarter of this year.
This was quite the move by a large publicly traded company who in effect became a bitcoin holding company and their stock responded by immediately going up by double digits.
After that, we saw several other smaller companies following in MicroStrategy's footsteps...
A middle-eastern restaurant chain called Tahini's announced via Twitter that they had also converted their cash on their balance sheet into bitcoin to be held as a reserve asset.
More on that can be seen here:
https://hive.blog/hive-167922/@jrcornel/another-business-opts-to-convert-cash-reserves-into-btc
While this was a much smaller company that MicroStrategy, this announcement made it clear that this wouldn't be a one off event of businesses looking to bitcoin.
And then today, we got more evidence of this...
The CEO of Snappa announced today via Twitter that his company had invested 40% of their reserve assets into bitcoin:
Why is this happening???
Beyond what we already know about bitcoin, the CEO of Snappa spelled out why companies are going to continue to do this was laid out very well in his accompanying blog post.
The start of which can be seen here:
For an in-depth look at the reasons why they decided to make this move and why other companies will too, check out the rest of the blog here:
https://chrisgimmer.com/bitcoin-reserve-asset/
It's a great read and I highly recommend it if you get the chance.
The long and short of it is that they don't anticipate the money printing to be stopping any time soon.
The genie is out of the bottle and it's unlikely to be put back in.
The virus is spreading and I'm not talking about covid-19.
Stay informed my friends.
-Doc
Posted Using LeoFinance
Well if they bringing in cash flow then it make sense to swap out some of your cash reserves for BTC in this climate or you will get killed by inflation, not many want to try to hold too much paper gold either because its been rehypothecated and taking physical delivery of massive amounts a government would certainly blcok
Plus you know, they are going to asteroids in the next couple years that contain vast sums of the yellow metal... The supply of gold isn't fixed in the same way that bitcoin's is.
Well we don't even actually know how many deposits have been minded vs undiscovered here, nor do we know how much physical gold there is with black markets and paper gold and lost gold, it's pretty inefficient. I get it has a limited supply but people speak like its full proof, very few are talking about its down side they way they speak about BTC's downsides which we already know and acknowledge and are working to improve it.
How do you improve gold? Lol
Wow! This is spreading more quickly than I imagined.
This is a trickle that will soon become a flood.
Once many companies are holding BTC as a Treasury Reserve then they will start thinking about accepting payment in BTC.
Then as money printing continues they will start requiring it.
Yep, it's a really big deal. I expected funds to be the major drivers of bitcoin these next couple years, not fortune 500 companies adding it their balance sheet. It's a huge unexpected and untapped source of demand for bitcoin.
Only time before it's commonplace for all to own some Bitcoin.
Bitcoin is winning!!!
Posted using Dapplr
It is really encouraging with the way bitcoin is improving there is really hope in the future
The interesting thing about this statement and ideology is that it's not even the main thing that brings value to Bitcoin (just icing on the cake). If the block reward of Bitcoin was still 50 BTC we'd still be doing just fine.
The real value of Bitcoin is that it is a technology that upgrades itself for free. It would be like buying a computer in the 80's and never having to buy a new one. The Bitcoin network of 2030 will look completely different than today, just like the Bitcoin network of 2010 looks nothing like 2020.
This is why Bitcoin is much more than just Gold 2.0.
Gold will always just be gold, whereas Bitcoin will not always be Bitcoin (if that makes sense).
Bitcoin is Gold 2.0 and Gold 3.0 and Gold 4.0. It just needs time to develop.
Yes and no. How many actual upgrades have there been to the source code since bitcoin launched? The technology may change but it's incredibly difficult to make changes to the core code.
The code is only a small subset of the network.
In fact the code's resistance to change is a feature of the network itself.
One that provides a foundation of stability, security, and trust.
These are all pieces of the network.
While the code may look the same in 10 years the network/applications certainly won't.