Bitcoin & Data Science
With business intelligence software firm MicroStrategy at the helm, the latest trend this year has been businesses adding Bitcoin to their balance sheet to protect against devaluing fiat currencies. Earlier this month Square, a public company led by CEO Jack Dorsey, also CEO of Twitter, added $50 Million in Bitcoin to their corporate treasury. In comparison, Square is a much more notable company to join the trend.
As we can see from the chart above, the price of Bitcoin has continued its rise since reaching lows in the $3,000’s in March last year. Earlier this year MicroStrategy CEO Michael Saylor made a big splash by announcing the company would be moving more than half their corporate treasury into Bitcoin. Ever since, he has been on a social media campaign spreading awareness of why Bitcoin is important and encouraging other companies to follow his lead. And they did.
Many smaller businesses such as restaurant chain Tahini’s hold their company’s treasuries in Bitcoin, but the Square announcement is by far the biggest news and has caught the attention of Wall Street and mainstream media. Square suppose that cryptocurrency is an instrument of saving empowerment, providing a away for individuals to participating in a global pecuniary system and secure their own financial forward.
Bitcoin hardware manufacturer Rudolfo Novak recently created the website bitcointreasuries.org to track both public and privately held companies and how much Bitcoin they hold.
Microstrategy currently owns .336% of all the Bitcoin that will ever exist (21,000,000). This is staggering considering they only entered the market earlier this year. It will be interesting to monitor this over the coming months as more companies join the club.