Bitcoin: FOMO resurfaces as 6,917 companies attended MicroStrategy’s conference

  • 6,917 companies attend MicroStrategy’s Bitcoin conference.
  • Bitcoin trading by institutions has increased since the beginning of February.

In 2020, MicroStrategy was the first public company to adopt Bitcoin as a primary reserve asset. At the time, its argument was simple: BTC is a hedge against dollar inflation, but it unleashed an institutional FOMO that continues to push Bitcoin’s price to new highs

The company recently hosted a conference aimed at getting other corporations to adopt MicroStrategy’s treasury strategy. Its CEO, Michael Saylor, has become a big BTC bull and an evangelist for the power of the cryptocurrency. Saylor has now revealed that 22,000 people registered for the “MicroStrategy World 2021” conference. Of those, about 8,000 attended his “Bitcoin for Corporation” talk, with representatives from 6,917 different companies.

Among the institutions that participated in the event and their representatives were Galaxy Digital co-founder Mike Novogratz; Vice President of Global Institutional Business Vince Kwok; Gemini’s Global Head of Business Development Dave Abner; Grayscale Investments CEO Michael Sonnenshein; NYDIG founder and Executive Chairman Ross Stevens, among others.

Saylor called the turnout at the event “overwhelming.” On the company’s website, the sessions and the “Playbook” that MicroStrategy used to buy Bitcoin in 2020 have been uploaded. Saylor wants more companies to join the Bitcoin network and is willing to provide the material and tools they need.

NYDIG CEO Ross Stevens even predicted that by the end of 2021, more than $25 billion will flow from institutions into the Bitcoin market. However, this should come as no surprise to many, as shares of MicroStrategy (MSTR) have risen over 468% since BTC was adapted, as Ecoinometrics records.

Rocket fuel for Bitcoin

The MicroStrategy event has coincided with an increase in institutional participation in the crypto market. Data from analyst Willy Woo indicates that there has been an increase in BTC outflows on major exchanges, as shown in the chart below. Initially, the analyst attributed this to MicroStrategy’s conference.

Looks like @michael_saylor is bringing to the corporate community. Impacts are being seen already. Coins once again being scooped off exchanges.

BTC exchange outflows

About $355 million in BTC exited Gemini in the last week. This platform, like Coinbase and Grayscale, is a favorite of institutions looking to invest in the market.

However, Woo speculates that purchases are not necessarily made by institutions, but by executives and senior members in corporations for their personal reserves. This is due to the fact that public companies need to obtain a permit to buy Bitcoin in the U.S. which can be delivered between 6 and 9 months after applying for it.

The analyst stated that before MicroStrategy announced its strategy in 2020, on-chain data looked similar. Therefore, he said, it is possible that by the end of 2021 there will be a further increase in BTC outflows from exchanges and more announcements of companies adopting Bitcoin.

Institutions like Ray Dalio’s hedge fund, Guggenheim, and more recently, Bill Miller’s fund has disclosed investments in Bitcoin. The latter wants to channel up to 15% of its assets into Bitcoin as a yesterday surfaced filing submitted to the US Securities and Exchange Commission by the Miller Opportunity Trust shows. Miller seeks an investment exposure to Bitcoin indirectly by investing in Grayscale’s Bitcoin Trust.

Bitcoin testing $40,000 again

After a rejection at the $40,000 mark, Bitcoin was trading at $39,096 (at the time of publication) – with a loss of 1.5% in the last 24 hours. On the weekly chart, BTC has seen gains of 14.93% and on the monthly chart, it registers slight losses of 0.61%. All indicators seem bullish and experts have predicted further gains for Bitcoin investors. The CEO of Three Arrows Capital, Su Zhu, stated the following about the price of BTC.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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