The board of directors at MicroStrategy will now be paid in Bitcoin instead of fiat money, Decrypt reported yesterday. In particular, the company will convert the fees of its directors from U.S. dollars into Bitcoin using a payment processing provider.
MicroStrategy is one of the companies that accumulate Bitcoin as part of their portfolios. Last week, the firm purchased 253 BTC worth $15 million at the time of purchase. According to Crypto News, on April 5, 2021, the total Bitcoin holdings of the company were 91,579 BTC.
The CEO of MicroStrategy Michael Saylor sees investing in Bitcoin as the best way to spend time or money. Last month, he even made a prediction of a $100 trillion market cap for Bitcoin in the future.
However, there are traditional banking institutions that remain skeptical about crypto, and HSBC Canada recently blocked its customers from buying MicroStrategy stocks because of the company’s exposure to Bitcoin.
Bitcoin’s market cap is now over $1.1 trillion, per Coin Market Cap data. It is trading at around $62,900 at the time of writing.