February BTC Bull Run Likely As Top Executives to Attend MicroStrategy’s Virtual Bitcoin Summit
MicroStrategy CEO Micahel Saylor is all pumped and geared to host its Virtual “Bitcoin (BTC) Corporate Strategy” Summit next week on February 3-4. At the summit, the CEO shall be briefing big corporates on how they can invest part of their company’s reserve cash in Bitcoin (BTC).
Top executives from the crypto industry have pledged their attendance at the event next week. Some of the big names include Grayscale CEO Michael Sonnenshein, Stone Ridge Asset Management Chief Executive Ross Stevens, Coinbase’s head of institutional sales Brett Tejpaul, Fidelity Digital Assets, Kraken CEO Jesse Powell, Gemini’s chief of business development Dave Abner and many more.
Over the last few months, MicroStrategy has made a slew of investments in Bitcoin pouring more than $1.5 billion so far. Its latest purchase includes last week’s $10 million investment in Bitcoin after the price corrected all the way up to $30,000.
In addition to pitching big corporates, Michael Saylor hasn’t been shy of taking bold Bitcoin bets. MicroStrategy’s total BTC holdings stand at a massive 70, 784 Bitcoins. With the virtual Bitcoin summit, Michael Saylor is eager to share his company’s blueprint for Bitcoin (BTC) investments to big corporates with deep pockets.
Recently appearing at CNBC’s Squawk Box, Michael Saylor said that 2021 is going to be a great year for Bitcoin. He added:
“We’re going to have thousands of executives, officers, directors and advisors of corporations coming together in the first week of February. They all want to figure out how to plug bitcoin into their balance sheet or their PNL.
We’re going to publish our playbook, all of our accounting guidance, our legal guidance, all the work we did over the course of months to get ready to do this as a publicly traded company. And we’re going to open source it, making it available to everybody with the thought of saving them millions of dollars in weeks or months to make this an easier transition.”
This event is likely to drive further institutional interest and participation in Bitcoin (BTC). Possibly, the next month of February could set the tone for the 2021 Bitcoin bull run.
Bitcoin Price to Rally In February 2021
Apart from the big Bitcoin event, there are some other on-chain metrics that could add fuel to the Bitcoin price rally next month. The Bitcoin addresses activity continues to surge showing that the long-term bull trend is intact. The number of Bitcoin addresses interacting with the Bitcoin network grows in number suggesting a price surge ahead.
???? The long-term trend of #Bitcoin's address activity continues climbing. Both our 50-day and 200-day moving avg for addresses interacting on $BTC's network continues to show a steady climb, which is one of our top leading indications that price will grow. https://t.co/OHRztF9vyQ pic.twitter.com/m0UfEyc4gx
— Santiment (@santimentfeed) January 26, 2021
After a massive bull run to above $41,500 levels in early January, Bitcoin remains in downward pressure over the last two weeks. At press time, BTC is trading at a price of $31,910 levels at press time. We expect the price to surge ahead in the coming months based on the recent uptick in investments in crypto funds.
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