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Companies in two capital markets are looking to implement the business model that Microstrategy, led by entrepreneur Michael Saylor, pioneered in the U.S. According to David Bailey, CEO of Bitcoin Magazine, who denied one of these markets to be Korea, these operations are currently in the negotiation stage.
More Companies Looking to Adopt Microstrategy’s Bitcoin Purchasing Strategy
As cryptocurrency gets institutionalized, more companies seek to add bitcoin to their reserves and make it a key tool in their operational plans. David Bailey, CEO of Bitcoin Magazine and crypto aide of the Trump campaign, has confirmed companies in two foreign countries are interested in implementing this new business model pioneered by Michael Saylor and Microstrategy in the U.S.
Bailey stated:
We’re currently in negotiations to run the Microstrategy/Metaplanet playbook in two more foreign capital markets. This strategy is going to take off globally.
While Bailey did not identify these two capital markets, he did declare that Korea was not one of them.
Microstrategy, led by Saylor, implemented a model that puts bitcoin as a fundamental part of its operations by not only holding it as a reserve asset but also operating in the way of making bitcoin acquisitions one of the priorities of the company, even issuing debt for this goal. The premise is that bitcoin will surpass the value of fiat currencies and that, in time, debt will be paid off with bitcoin earnings.
Consequently, this allows Microstrategy and the companies adopting this business model to become bitcoin proxies, allowing stockholders to have an indirect bet on bitcoin. Microstrategy held 214,400 BTC as of April 26, 2024.
Other companies are already following Saylor’s playbook. Metaplanet, a Tokyo-listed public company, recently unveiled a plan to use bitcoin as a reserve asset to protect against the weakness of the Japanese yen. Since April, Metaplanet has acquired 117.72 BTC and has approved a new purchase of 250 million yen (approximately $1.6 million) worth of BTC.
What do you think about the possibility of more companies adopting bitcoin as a reserve asset? Tell us in the comments section below.