Michael Saylor, the outspoken proponent of Bitcoin and co-founder of business analytics software company MicroStrategy (MSTR), has incorporated Bitcoin’s Lightning Network into his business email. This suggests that anyone can send bitcoin (BTC) to the 58-year-old billionaire using the email address [email protected].
The Lightning Network is a second-layer solution built on top of the Bitcoin blockchain that enables transactions to be conducted more quickly, cheaply, and scalably.
Michael Saylor fuses the BTC Lightning address into the corporate email
In a tweet published on April 17, the company’s former CEO shared a screenshot of a few Bitcoin transactions sent to “[email protected]” from others in the form of Satoshis or “Sats” — the smallest unit of Bitcoin.
The integration employs the Lightning Address protocol, which allows developers to supplant a standard Lightning invoice or payment request with an Internet-based identifier such as an email address.
MicroStrategy’s integration is facilitated by the Lightning Address protocol, which enables users to link an “Internet Identifier” such as an email address, instead of copying wallet addresses or using QR codes. It is unknown whether MicroStrategy incorporated the feature into all of the company’s corporate emails.
The Lightning Network can execute 1 million transactions per second (TPS) for 1 Satoshi, or approximately four cents. The Lightning Network is Bitcoin’s layer 2 scaling solution that aims to make Bitcoin transactions cheaper and quicker.
Saylor, who is reportedly worth approximately $1.2 billion and whose company has amassed approximately 140,000 BTC (approximately $4 billion at current prices), has been receiving small donations in bitcoin from enthusiasts after tweeting about the integration.
MicroStrategy’s BTC investment
MicroStrategy has spent $4.17 billion to acquire 140,000 BTC since March 2021, when the company began purchasing. According to data from Buy Bitcoin Worldwide, the firm’s average purchase price is $29,800.
At the current Bitcoin price of $29,400, MicroStrategy has lost only 1.3% of its total investment. However, the company returned to profitability for a brief period last week when Bitcoin surpassed $30,000 in value.
This move by Saylor underscores his unwavering belief in the future of Bitcoin as a global currency and payment system. As a vocal advocate for Bitcoin, Saylor has been leading MicroStrategy’s corporate strategy of acquiring Bitcoin as a treasury reserve asset.
MicroStrategy made headlines in 2020 when it became the first publicly traded company to invest significant portions of its cash reserves into Bitcoin. The investment entity has continued to accumulate Bitcoin aggressively since then.
Saylor’s integration of his work email address with the Lightning Network demonstrates his commitment to practical Bitcoin adoption and his willingness to explore innovative crypto-use cases. This development can revolutionize how businesses transact with Bitcoin, making it faster, cheaper, and more accessible for day-to-day operations.
Year-to-date reports indicate that in the first quarter of this year, institutional ownership of MicroStrategy shares increased by 121%, which includes some sudden increases in exposure by major entities. Bank of America, which increased its holdings by nearly $60 million, was the largest buyer, followed by Capital Group and Fidelity Investments.
Bank of America is now the fourth largest MicroStrategy shareholder, after Capital, Vanguard, and BlackRock, with both Vanguard and BlackRock increasing their stakes.
With Saylor’s visionary leadership, MicroStrategy has emerged as a trailblazer in the corporate adoption of Bitcoin. This latest development further cements the company’s reputation as a pioneer in the crypto space.
Source: https://www.cryptopolitan.com/microstrategys-ceo-fuses-email-with-btc-ln/