Bitcoin as payment method- MicroStrategy Announces Plans to Pay Its Board of Directors in Bitcoin.

XcelTrip|2 min read|Jul 20, 2021

MicroStrategy started buying Bitcoin in August last year. During that time, MicroStrategy’s CEO Michael Saylor stated that the aim of the company investing in Bitcoin is to maximize long-term value for shareholders. Saylor describes Bitcoin as the best money ever created. Compared to the US dollar and gold, Saylor sees the cryptocurrency as a superior asset for a treasury given that it is not deflationary by design.

The software-intelligence-firm-turned-bitcoin-champion MicroStrategy has announced that it will now pay its board of directors in BTC.

Based on the new arrangement, the firm said that compensation fees for its four independent directors will be converted from US dollars into the cryptocurrency at the time of payment via a payment processor and then deposited into the digital wallets of the directors. The move is part of the company’s commitment to Bitcoin given the ability of the crypto asset to serve as a store of value.

MicroStrategy stated:

“In approving Bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”

To date, MicroStrategy has accumulated some 91,587 bitcoin, worth approximately $5,495,220,000 at the time of this writing.

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