Octagon Networks – a cyber security company headquartered in Addis Ababa – converted its entire balance sheet and all of its liquid assets to the primary cryptocurrency. Furthermore, it adopted bitcoin as a payment method for its services.
‘Bitcoin will lead the world to a better future’
Ethiopia-based Octagon Network announced its firm support for bitcoin. Paulos Yibelo – the organization’s managing partner – believes it can help “to tackle the complex bureaucracy involved in acquiring international clients and talent.” He predicted that the property “will lead the world to a better future.”
In addition to converting their balance sheet to BTC and saying “yes” to crypto payments, Octagon Networks revealed that customers will receive 50% off when settling their bills in bitcoin.
Yibelow revealed that the firm has long “praised” the primary cryptocurrency and its benefits. He also said that the US-based business intelligence company – Microstrategy – has inspired its decision to become the first cybersecurity company to embrace the asset like this:
“Our inspirations for these ideas are many, but our implementation of this specific model was inspired by Microstrategy Inc., based in the US.”
Eventually, Yibelo announced that he would no longer work for Octagon Networks. His successor has rich experience in the cyber security industry and is also a good leader:
“He has been instrumental in helping Octagon expand into the US market and dream big. As a final word, I would like to say: the future is bright with bitcoin.”
Established in Q1, 2022, the firm reportedly also opened offices in San Francisco.
Microstrategy and bitcoin
The American company led by Michael Sayer has been adding bitcoin to its corporate balance sheet since August 2020. Several months ago, Microstrategy’s chief financial officer Fong Le said the firm was committed to buying more portions of assets in the future. Crypto market volatility.
Currently, it owns 129,218 BTC, which have been acquired at an average price of around $30,700. Over the past few weeks, the price of bitcoin was hovering around $30,000, implying that the microstrategy was sitting on an unrealized loss of millions of dollars. At the time of writing these lines, the cryptocurrency is trading at around $31,500, making the firm’s investment green again.
It is also notable that the head of the company – Michael Sayer – is one of the biggest advocates of BTC. that often Advice Investors and even governments are encouraged to purchase the coin as a hedge against inflation and as a financial instrument that can boost their economic well-being.
Not long ago, he described bitcoin as the perfect asset for retirement, which was less risky than stocks and bonds. A few weeks later, he predicted that its price would skyrocket into the millions in the future.
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