MicroStrategy has been making headlines recently for its successful foray into the world of cryptocurrency. The business intelligence company, founded in 1989, has been making waves in the crypto world for its bold strategy of investing heavily in Bitcoin. MicroStrategy’s CEO, Michael Saylor, has been a vocal advocate for the digital currency, and has even been dubbed “Bitcoin’s biggest corporate cheerleader.”

So far, MicroStrategy’s bet on Bitcoin seems to be paying off. In the first quarter of 2021, the company reported a $10.4 million profit, thanks in part to its Bitcoin holdings. MicroStrategy has been buying up Bitcoin since August 2020, and currently holds over 90,000 BTC, which it acquired at an average cost of around $24,000 per coin. With Bitcoin’s current value hovering around $60,000 per coin, MicroStrategy’s investment has more than doubled in value.

MicroStrategy’s move into cryptocurrency has been seen by many as a bold and risky move, but Saylor has defended the decision, arguing that Bitcoin is a better long-term investment than cash. In a recent interview with CNBC, Saylor said, “If you have a lot of cash, and you’re trying to find a store of value, and you’re looking for something that’s safe, then Bitcoin is a good investment.”

But not everyone is convinced. Some analysts have raised concerns about MicroStrategy’s heavy reliance on Bitcoin, arguing that the company’s success is tied too closely to the volatility of the digital currency. In a recent research note, JPMorgan analysts wrote, “MicroStrategy’s stock price will remain highly correlated with the price of Bitcoin until management can diversify the company’s revenue stream away from cryptocurrency.”

Despite these concerns, MicroStrategy has shown no signs of slowing down its Bitcoin buying spree. In fact, the company recently announced plans to raise $400 million through a bond offering, with the proceeds going towards buying more Bitcoin. Saylor has also been vocal about his plans to hold onto Bitcoin for the long haul, saying that he sees the digital currency as a better alternative to cash in the long term.

MicroStrategy’s success with Bitcoin has also sparked interest from other companies, with Tesla being the most high-profile example. In February 2021, the electric car maker announced that it had invested $1.5 billion in Bitcoin, sending the digital currency’s value soaring. The move was seen by many as a validation of Bitcoin’s growing acceptance as a legitimate investment.

As more companies look to follow in MicroStrategy’s and Tesla’s footsteps, the business of Bitcoin is becoming an increasingly important part of the financial world. And with Bitcoin’s value continuing to rise, it seems that MicroStrategy’s bet on the digital currency may be paying off in more ways than one.