The leading cryptocurrency Bitcoin (BTC) has experienced a major correction in 2022. It’s trading at more than 50 percent off its all-time high last November 2021. But according to Ethiopia-based cybersecurity firm Octagon Networks, it may be time to buy BTC.
Cyber security firm converts its entire balance sheet to Bitcoin
As a result, the company has decided to convert its entire balance sheet to Bitcoin. The company says it admires Bitcoin’s contribution to simplifying cross-border payments worldwide. This decision makes Octagon Networks the first cybersecurity firm to convert all its assets to Bitcoin. In addition, Octagon Networks will also accept Bitcoin payments for all of its services. To encourage customers to pay with Bitcoin, the company is also offering a 50 percent discount on its services. However, Octagon Networks did not mention the exact amount invested in Bitcoin. Paulos Yibelo, Managing Partner of Octagon Networks
, said that the company got its inspiration from the US-based MicroStrategy company. Yibelo also lost:
We believe that Bitcoin will lead the world to a better future. Bitcoin will help accelerate our goals and overcome the confusion associated with acquiring international clients and talent.
Octagon Networks takes inspiration from MicroStrategy for cryptocurrencies
Octagon Networks started operations in the first quarter of this year in 2022. As such, it’s definitely not as big as MicroStrategy’s size. However, a small burgeoning firm taking this bold step demonstrates growing confidence in Bitcoin.
MicroStrategy: Bitcoin’s (BTC) volatility is irrelevant
The world’s largest cryptocurrency Bitcoin has shown massive volatility over the past few weeks. On Sunday, June 5th, he surprised by closing the first green weekly candle in ten weeks.
The world’s largest cryptocurrency Bitcoin (BTC) has corrected by 40% to date. If Bitcoin fails to hold the $29,000 support levels, further declines are likely. But MicroStrategy CEO Michael Saylor isn’t bothered by recent events. In an interview with The Block last week, Saylor said:
Bitcoin (BTC) is the most certain thing in a very uncertain world. It is more certain than any other 19,000 cryptocurrencies, more certain than any stock, more certain than owning property anywhere in the world.
As we reported as Kriptokoin.com, MicroStrategy started adding Bitcoin to its balance sheet in August 2022. The company has 129,218 Bitcoins as of date. Commenting on the recent drop in BTC price and the overall crypto market, Saylor said:
I don’t know if it’s a bear market or not, but if it is a bear market we’ve had three in the last 24 months. Unless you plan to hold it for four years, you are not really an investor. If you are a trader, my advice to you is do not trade, invest.
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