Micro Strategy, a business analytics company, has confirmed that it will now pay its non-employee directors in Bitcoin. According to a business statement, the payment agreements for non-employee directors were changed by the Board of Directors of MicroStrategy Incorporated on April 11, 2021. Non-employee directors will now also accept all payments for their work on the Company’s Board of Directors in bitcoin rather than cash.
MicroStrategy has released this public announcement after the Board of Directors’ recent decision to pay non-employee directors with Bitcoin. This has continued to prove that the firm is continuing to endorse cryptocurrency.
The idea that cryptocurrency is backed by a “robust and public open-source infrastructure” and is independent of either government or central bank appeals to the intelligence firm.
The Board cited its contribution to bitcoin as a wealth store, backed by a transparent and accessible open-source infrastructure. It is untethered to sovereign monetary policy in accepting bitcoin as a means of compensation for Board service.
This mindset has fueled the company’s desire to acquire more Bitcoin. Its most recent acquisition of ll, plus other costs, increased the company’s overall bitcoin holdings to 91,579 BTC, worth around $2.226 billion. In total, MicroStrategy now owns over $5.5 billion worth of Bitcoin in its assets.
The payments would be denominated in USD before being translated to Bitcoin and deposited into each of the directors’ digital wallets. Since its CEO, Michael Saylor, appeared as one of the cryptocurrency’s most vocal backers.