Home Business Earlier than Tesla, this firm purchased bitcoin and should have even given...

Earlier than Tesla, this firm purchased bitcoin and should have even given Elon Musk the concept

An illustration of bitcoin on Euro banknotes.

Nicolas Economou | NurPhoto by way of Getty Photographs

MicroStrategy‘s inventory is up greater than 700% since August, when the Virginia-based enterprise software program firm turned an early adopter of shopping for bitcoin for its company treasury.

Michael Saylor, its chairman and CEO, is an outspoken evangelist for bitcoin and inspired different corporations to observe MicroStrategy’s lead — including Tesla CEO Elon Musk in a Twitter dialog.

On Monday, a bit greater than a month since Saylor tweeted at Musk, Tesla revealed in a regulatory submitting it had bought $1.5 billion worth of bitcoin and plans to simply accept the digital coin as fee sooner or later. The value of bitcoin — and MicroStrategy’s inventory — soared following the information.

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