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Home General News

Other Corporations May Not Adopt MicroStrategy’s Love for Bitcoin Says Raoul Pal

by Khalid Lawal
November 5, 2020
in General News
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In September, business intelligence firm MicroStrategy invested $425 million from its treasury funds into Bitcoin. The move was praised by the Bitcoin and cryptocurrency community, who saw it as a way forward for Bitcoin adoption. According to macroeconomist Raoul Pal, the co-founder, and chief executive officer of Real Vision, corporate giants may not follow MicroStrategy’s Bitcoin adoption. He said that MicroStrategy’s Bitcoin adoption does not mean other companies will follow suit in an interview.

He further pointed out that corporate giants will only pay attention to Bitcoin adoption when early adopters start speaking the language of corporate treasurers rather than Bitcoin’s language, which seems to be the case now.

“We’re very bad in this space speaking the language of the others that we actually want to encourage into the system in the end.”

MicroStrategy invested heavily in Bitcoin.

MicroStrategy made two rounds of BTC investments with $250 million worth of Bitcoin and another $175 million in August and September, respectively. The company made it very public, which incited the feeling that the mainstream corporate world is finally getting ready to join the Bitcoin train.

MicroStrategy’s chief executive officer Michael Saylor, a former Bitcoin skeptic but now a full Bitcoin enthusiast, has been voicing his support for more mainstream Bitcoin adoption and tweets daily about Bitcoin on his Twitter page.

He also revealed that before his company invested in Bitcoin, he had purchased 17 732 BTC for his personal holdings.

However, Raoul said Saylor is not speaking the right language for the growth and further adoption of BTC in the mainstream sector. According to Pal, many companies may not follow MicroStrategy’s path but become convinced to do so if the right investment language is spoken to them.

He said proponents of Bitcoin adoption need to encourage others in the mainstream to join them, but that won’t happen if they don’t speak the investment language those in the mainstream will understand.

MicroStrategy’s heavy BTC investment pays off.

MicroStrategy invested in Bitcoin when the coin was still selling below $11,000 per BTC when the company bought. But with the price of the coin hitting an impressive $15,250 a few weeks after, the company has made major gains. Kevin Rooke, an independent crypto researcher, said that MicroStrategy had made about $150 million from its Bitcoin investment within the last two months.

According to Rooke, that amount has already surpassed the $78 million the firm made from its main business operations for the past 3.5 years.

Saylor also corroborated Rooke’s statement by admitting that his company’s investment in Bitcoin has been more beneficial and more rewarding for its investors than having such balances in cash. He also revealed that the firm had increased its overall visibility in the market by making Bitcoin its “Primary reserve asset.” However, the corporate world is still reluctant to join the Bitcoin train.

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NewsLogical Inc. is a U.S.-centric firm established in 2019 with the aim of providing resourceful and up-to-date cryptocurrency and blockchain information.

Email: info@newslogical.com

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Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

Contact financial experts for guidance before making any cryptocurrency investment decision.

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