Saylor Strategy Strikes
It's a copycat league, folks.
"Imitation is the sincerest form of flattery." – Charles Caleb Colton
It appears the age of Bitcoin FOMO is reaching everyone. Businesses around the globe are scrambling to determine if they should have a Bitcoin strategy and how quickly to implement it. But why now?
Let’s dive into the signs that this thing might be working.
Currently, there are 144 companies that are known to have Bitcoin on their balance sheet but some big players are now taking notice. This is due in large part to the success of MicroStrategy. MicroStrategy has utilized this flywheel (see below) to use the success of Bitcoin to get into the S&P 500 and the NASDAQ 100 (first official day was Monday December 23rd).
Some of the notable companies that have already started some sort of Bitcoin strategy include Block, Tesla, Marathon Digital, and of course MicroStrategy. No one has implemented the Bitcoin corporate strategy quite like MicroStrategy though, as MSTR now holds nearly half a million Bitcoin valued at $27.7 billion.
This has caught the attention of major players like MicroSoft and Amazon. MicroSoft rejected the vote (and by a landslide if we’re being honest) to put Bitcoin on their balance sheet but the fact that the conversation is happening right now is monumental.
Based on the most recent market caps for each company, this means the 3rd and the 5th largest company in the world is discussing putting Bitcoin on the balance sheet while the 8th has already done so. If you were to compare market cap to GDP (I know its not the best comparison) MicroSoft would be the 6th largest country and Amazon would be the 8th. These companies adopting a Bitcoin standard would be more monumental than nation states in my opinion because everyone wants to be like Amazon or MicroSoft so other corporations would look to implement this strategy. Now MicroSoft or NVIDIA or Amazon can be looked at in a similar sense to the United States in this nation state comparison. The USA adopting Bitcoin has caused a tidal wave for all nation states wanting to implement some sort of Bitcoin policy and on the corporate side of things I could see a very similar trend.
The success of MicroStrategy is starting some FOMO like we’ve never seen before, so buckle up folks as we’re in for a wild ride.
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Brandon
Disclosure: The authors of this writing hold positions in cryptocurrency mentioned in this article. That cryptocurrency is Bitcoin. The article was written by Brandon Keys and occasionally a guest writer; it expresses the author's own opinions. They are not receiving compensation for it. The information presented in this article is for informational purposes only and in no way should be construed as financial advice or recommendation to buy or sell any stock or cryptocurrency. None of the authors of this article are financial advisors. I encourage all readers to do further research and do your own due diligence before making any investments.