MicroStrategy, which last month announced a $ 250 million investment in bitcoin from its reserves, may increase investments in cryptocurrency.
On September 11, a meeting of the Board of Directors of MicroStrategy was held, following which new policies for managing the company's reserves were presented today:
“In accordance with the new policies, reserveassets will include (1) the traditional currency, its equivalents and short-term investments in which the company's surplus working capital will be allocated; (2) bitcoin at the disposal of the company will act as a primary reserve asset on an ongoing basis depending on market conditions and the expected needs of the business for cash assets, including future potential share repurchase activities, - the document says.
As a consequence of the new policies, the company's Bitcoin reserves could be expanded beyond the $ 250 million investment it announced on August 11, 2020. ”
Earlier, MicroStrategy officials said they are looking at Bitcoin (BTC) and other alternative investments as a way to curb inflation.
“It makes sense to move our reserve assets into investments that cannot be depreciated due to inflation or will be less likely to be affected by this process”, - they reported.
“Investing in bitcoin reflects our belief inthat bitcoin, being the most widely used cryptocurrency in the world, is a reliable store of value and an attractive investment asset with a higher potential for long-term growth than when storing traditional currency "- said Michael Saylor, CEO of MicroStrategy.
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