After the sharp rise in the price of Bitcoin, see why February may be too big for Bitcoin

Bitcoin has seen phenomenal wear and tear in the past few months, adding more than 200% since the beginning of October (although its huge rise has sparked serious bubble fears).

The bitcoin price boom took bitcoin to more than $ 40,000 earlier this month, up from about $ 8,000 in January 2020, making the combined value of global bitcoins worth more than Visa

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, Samsung and Berkshire Hathaway

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.

Now a big bitcoin buyer, MicroStrategy

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, led by bitcoin evangelist Michael Saylor, is preparing to host a virtual “corporate bitcoin strategy” meeting in the first week of February – designed to help other companies copy MicroStrategy’s bitcoin handbook.

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Microstrategy, which now has about 70,000 bitcoins worth just over $ 1.1 billion after starting its bitcoin buying spree last summer, is hosting the event on February 3 and 4, with thousands registered to participate, according to Saylor.

“We will have thousands of executives, executives, directors and company directors meeting in the first week of February,” Saylor told CNBC’s Power Lunch this week, speaking after him revealed MicroStrategy bought another 300 bitcoin tokens this week during a bitcoin settlement that brought the price briefly below $ 30,000.

“They all want to find out how to insert bitcoins into their balance sheets or NLP. We are going to publish our manual, all our accounting guidelines, our legal guidelines, all the work we have done over the months to get ready to do that as a publicly traded company And we’re going to open up the code, making it available to everyone with the thought of saving millions of dollars in weeks or months to make the transition easier. “

Although the full list of attendees has not been made public, the event has been set to include bitcoin industry giants, including crypto exchange Binance, Gemini and Coinbase. Others, like Mike Novogratz’s Galaxy Digital, which specializes in investing and developing cryptocurrency-related services, will participate in discussions on corporate strategy and bitcoin macro.

Ross Stevens, the chief executive of Stone Ridge Asset Management, will open the online conference alongside Saylor on Wednesday, February 3. In October, Forbes revealed that Stone Ridge made a $ 115 million bitcoin investment.

The price of bitcoin has long been linked to its public profile – with mentions of the bitcoin media and Google’s search volume closely following bitcoin price spikes and lows. Bitcoin traders and investors will closely follow the next conference in search of headlines that could raise the price of bitcoin.

“This conference could further increase interest in bitcoin and, even if it does not translate into immediate price gains, it will definitely have a positive long-term effect,” said Joe DiPasquale, chief executive of bitcoin and cryptocurrency hedge. San Francisco BitBull Capital fund, said by email. “There is also a possibility that the enthusiasm surrounding the conference could boost retail sentiment and boost some retail purchases.”

The recent rise of Bitcoin has put cryptocurrency firmly on the Wall Street radar, but Silicon Valley is also showing interest.

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Jack Dorsey, who currently leads Twitter and the payment company Square

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, caused a sensation when announcing that Square had bought $ 50 million in bitcoins last year.

Tesla billionaire

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and SpaceX Chief Executive Elon Musk, who expressed interest in getting paid in bitcoin, recently asked Saylor via Twitter about the practicalities of adding bitcoin to a corporate balance sheet.

“We can also expect other companies to start emulating MicroStrategy’s approach and invest some parts of their treasures in bitcoin, as the CEO of MicroStrategy recently suggested to Elon Musk,” added DiPasquale.