Among the many reasons for ongoing bullish race in Bitcoin , has been the emergence of companies and businesses adding BTC to the cash reserves oftheir business.
The sudden increase in demand for large amounts of BTC during a period of low supply caused parabolic prices to plummet. Interestingly, the same goes for the number of mentions in corporate earnings reports that refer to the very first cryptocurrency by name.
Bitcoin becomes the cash asset of the company, led by Michael Saylor, CEO of MicroStrategy
2020 was undeniably the year that Bitcoin officially matured as a that active. Rather than pure speculation, the cryptocurrency network has shown it to be here to stay, and instead the underlying asset is being leveraged for protect against dollar inflation .
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Hedge funds started selling gold hoping Bitcoin would be the safe haven asset best performing and economic hedge, and soon after, large publicly traded companies began trading unnecessary cash reserves for an asset that, over its lifecycle, appreciated more than any other thing in history.
The uptrend took off once companies started buying BTC | Source: BTCUSD on TradingView.com
The ad effort 'first led by Michael Saylor, CEO of Nasdaq-listed software company MicroStrategy , which has since attracted more CEOs and top brands in the cryptocurrency, like Elon Musk's Tesla, and supporter of longue dates Bitcoin Jack Dorsey, of which the company Square Inc. also bought a lion's share of BTC.
Mentions Of Top Cryptocurrency In Corporate Income Reporting Breaks Record
Since the trend of companies suddenly scrambling to buy ultra rare cryptocurrency has started for the first time, the price by Coin A coin is a unit of numerical value. When deioning cryptocurrencies, they are constructed using Bitcoin technology and are 'have no other value unlike tokens which have the potential of software being built with them.
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piece a became parabolic again . The number of mentions from the company's quarterly or annual revenue reports that include "Bitcoin " is also increasing at a similar rate.
According to the Twitter handle Bitcoin Documentation Via the Compeete.com website, the total mentions in revenue reports followed a similar trajectory as the price action above.
Mentions of top crypto during earnings report discussion are increasing | Source: Document Bitcoin on Twitter
The price of Bitcoin is currently struggling to rise above $ 60,000 and rise. However, those companies that brag about their profits mayent entail an additional FOMO effect once other companies learn how much participation in cryptocurrency income has generated.
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Coinbas e is set to go public and its Bitcoin-related income has broken records. FOMO might only get more sparkling from now on, as the aforementioned Saylor hosted a seminar earlier this year focused on training other leaders on how to get BTC into the books.
The fruits of this labor may start to bloom in the mfollowing months, as these executives take a page from Saylor's playbook and jump into the increasing revenue mentions due to the increase in Bitcoin revenue.
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