MicroStrategy’s CEO says that “Bitcoin scales well as a store of value.” His company bought 38,250 BTC.
MicroStrategy’s CEO on BTC
IN tweet on September 17, Michael Saylor revealed more information about MicroStrategy’s strong and decisive entry into the Bitcoin market.
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.
– Michael Saylor (@michael_saylor) September 17, 2020
Saylor has already emphasized that he was very skeptical about Bitcoin some time ago. Now, however, his faith in the technical foundations of the network and its future is great. For example, the scaling problem is not a problem for him because of the transactions that occur outside the chain.
“We bought 21,454 BTC through 78,388 out-of-chain transactions and then hedged them on a cold wallet with 18 in-chain transactions”
– he wrote.
In his opinion, Bitcoin scales well as a store of value.
Continuing, Saylor wrote:
“If Bitcoin is treated as a reserve asset, based on our model, 99.98%. of all transactions will take place off-chain and assets will be kept in a cold portfolio for 99.92%. time “.
Off-chain transactions through solutions like the Lightning Network allow you to increase the volume of Bitcoin transactions without increasing the volume in the blockchain and raising fees.
In his popular book “The Bitcoin Standard “ Saifedean Ammous also argues that off-chain activity will become the norm as Bitcoin gains a much larger user base.
It may be sooner rather than later. After an interview with Pompliano, statistician Willy Woo praised Saylor’s position. If 35,000 publicly traded companies in the world with $ 5 trillion in cash reserves, he added, he would enter 1 percent. in BTC, it will significantly increase the rate and capitalization of the cryptocurrency.
Plot goes: “I’m a good thinker and a large financial player, this what I found researching Bitcoin coming from outside of the industry”
Read on …
– Willy Woo (@woonomic) September 18, 2020
Woo added that with MicroStrategy taking six months to enter the BTC market, any movement from the company’s followers will begin to show up in 2021.
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