- Inspired by MicroStrategy, Octagon Networks converts its entire balance sheet into Bitcoin.
- MicroStrategy CEO Michael Saylor believes recent price volatility is irrelevant for his company.
The world’s largest cryptocurrency Bitcoin (BTC) has gone through a major correction this year in 2022. It is already trading at more than 50 percent discount from its all-time high last November 2021.
But Ethiopia-based cybersecurity firm Octagon Networks feels that this could be a good time to chip in. As a result, the company decided to convert its entire balance sheet into Bitcoin. The company said that it admires Bitcoin’s contribution to simplifying cross-border payments across the world.
The latest decision makes Octagon Networks the first cybersecurity firm to convert all of its assets into Bitcoin. Furthermore, Octagon Networks shall also be accepting Bitcoin payments for all of its services. To encourage customers to pay in Bitcoin, the company is also offering a 50 percent discount on its services. However, Octagon Networks hasn’t mentioned the exact amount that is invested in Bitcoin.
Paulos Yibelo, Managing Partner at Octagon Networks said that the company took its inspiration from U.S-based firm MicroStrategy. Yibelo further stated:
We believe Bitcoin will lead the world toward a better future. Bitcoin will help accelerate our other goals to bring high-quality cybersecurity solutions to the masses and help tackle the complicated bureaucracy involved with acquiring international customers and talent.
Octagon Networks started its operations this year in Q1, 2022. Thus, it is certainly not as big as the size of MicroStrategy. However, a small and emerging firm taking this bold step shows the growing trust in Bitcoin.
MicroStrategy: Bitcoin (BTC) volatility is irrelevant
The world’s largest cryptocurrency Bitcoin has shown major volatility over the last few weeks. On Sunday, June 5, Bitcoin (BTC) made a surprise jump giving the first positive weekly close in ten weeks. As of press time, Bitcoin is trading 4.32 percent up at a price of $31,096 and a market cap of $589 billion.
The world’s largest cryptocurrency Bitcoin (BTC) has already corrected 40 percent year-to-date. If Bitcoin fails to hold the $29,000 support levels, we could possibly see a further decline in this. However, MicroStrategy CEO Michael Saylor isn’t perturbed by the recent turn of events. During an interview with The Block last week, Saylor said:
Bitcoin is the most certain thing in a very uncertain world, it’s more certain than the other 19,000 cryptocurrencies, it’s more certain than any stock, it’s more certain than owning property anywhere in the world.
MicroStrategy started adding Bitcoin to its balance sheet in August 2022. As of date, the company holds 129,218 Bitcoins. Commenting on the recent downturn in the BTC price and the overall crypto market, Saylor said:
I don’t know if it’s a bear market or not, but if it is a bear market, then we had three of them in the last 24 months. If you’re not planning to hold it for four years, you’re not really an investor at all, you’re a trader, and my advice for traders is don’t trade it, invest in it.
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