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“Right now cash is a very expensive form of option. It obviously gives us volatility protection, we need it for our working capital, we need it variety of different purposes, but it is near the high end of how expensive it is in terms of losing purchasing power over time as you hold it,” said Founder of Lyn Alden Investment Strategy Lyn Alden.
Besides, Coinbase’s Bitcoin and crypto institutional business has been growing since starting, said Brett Tejpaul. Genesis CEO Michael Moro also said at the event that their derivatives business was growing as a result of Bitcoin adoption.
CEO of Block Jack Dorsey said companies grow by innovating tools that solve customer pain points and help them participate in the economy. That’s how Block started as Square, he said, at a time when people were losing business sales by being denied credit cards.
He stated Cash App uses lightning innovation as does TBD Bitcoin exchange which is helping many more companies around the world build on-ramps and get more people into Bitcoin. He expressed Twitter would have used a completely different business model as well if Bitcoin existed before it started. Dorsey says small moves like tipping on Twitter would help many learn and understand about crypto.
 
 
“Even if you don’t believe you can use Bitcoin in your company, I think it is worth your study because there are a number of lessons in it that will make your company better,” he said. “First it will make your company better, and then other practical applications like purchasing it, building it into your products, utilizing it, or providing services for it, which I think is the real value going forward, especially for financial companies I think there is a lot of potential there.”
Microstrategy – which also offers business intelligence and analyses solutions – has also been adding more Bitcoin, now with a total of 124,391 bitcoins, but which have cumulative impairment losses of $901.3 million since acquisition. However, MicroStrategy CEO Michael Saylor said the company will continue to expand Bitcoin holdings for the long term.
He said an avalanche of conventional macro hedge funds is acknowledging crypto as an asset class and are setting up accounts to start trading cryptocurrencies this year. According to Saylor, crypto hedge funds have yielded up to 1000% in returns in 2021 while conventional macro hedge funds were yielding 3 or 4% all year round from trading other assets.
The fact that there is an agreement among politicians that the crypto economy is here to stay also improves Bitcoin’s regulatory outlook that big companies can rely on, he said.
The virtual event featured live interviews with industry experts including Block CEO Jack Dorsey, MicroStrategy CEO Michael Saylor, Paxos CEO Charles Cascarilla, Lolli rewards app CEO Alex Adelman and communication head Aubrey Strobel, and Deloitte partners’ Rob Massey and Amy Park.
Fireside chats led by Silvergate CEO Alan Lane, Paxos CEO Charles Cascarilla, NYDIG CEO Robert Gutmann, BitPay CEO Stephen Pair, Jefferies MDs Alexander Yavorsky, and Chris Yonan, Head of Coinbase Institutional Brett Tejpaul, Fidelity Digital Assets marketing Head Christine Sandler, and Genesis CEO Christine Sandler.
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