Bitcoin and other ‘alternative assets’ were included in MicroStrategy’s $250 million investment plan, the Nasdaq-listed company. This was stated by the developer of analytics software заявил during a recent address to the company’s shareholders.
In addition to cryptocurrency, MicroStrategy plans to invest in gold and other assets. The investments are aimed at reducing inflation risk for the U.S. dollar.
CEO Michael Saylor noted that the U.S. dollar is no longer suitable for MicroStrategy’s reserves, pointing to near-zero interest rates, faster money issuance and signs of looming inflation.
“In the current environment, it would be unwise to hold the majority of our funds in dollars,” he said.
The head of the company noted that Bitcoin is an attractive investment instrument given its limited issuance.
“It makes sense to shift our assets into investment instruments that cannot be inflated,”
He added.
In May last year, MicroStrategy had already earned $30 million in the crypto industry by selling the voice.com domain belonging to Block.one.
Many experts warn about the risks of dollar inflation in light of the economic fallout from COVID-19. Entrepreneur and best-selling author of ‘Rich Dad, Poor Dad’ Robert Kiyosaki said that the Fed’s incompetence is killing the U.S. economy. In his view, the central bank’s actions will push the price of BTC to $75,000.
In June, Fed Chair Jerome Powell pledged to expand monetary stimulus if necessary by issuing new dollars. Participants in the cryptocurrency industry regarded this statement as a signal to buy Bitcoin.
Subscribe to ForkLog news on VK!