Octagon Networks – a cyber security company headquartered in Addis Ababa – converted its entire balance sheet and all its liquid assets into the primary cryptocurrency. In addition, it embraced bitcoin as a payment method for its services.
“Bitcoin will lead the world to a better future”
Ethiopia-based Octagon Networks has declared its strong support for bitcoin. Paulos Yibelo, the organization’s managing partner, believes it could “help combat the complicated bureaucracy of acquiring international clients and talent.” He went further, predicting that the asset will “lead the world into a brighter future.”
Apart from converting its balance sheet into BTC and saying “yes” to crypto payments, Octagon Networks revealed customers will get a 50% discount when settling their bills in bitcoin.
Yibelo revealed that the company has long “admired” the leading cryptocurrency and its benefits. He also said that US-based business intelligence firm – MicroStrategy – prompted his decision to become the first cybersecurity company to adopt the asset in this way:
“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 a wealth of experience in the cybersecurity industry and is also a good leader:
“He has been instrumental in helping expand Octagon into the US market and carries big dreams. As a final word, I’d like to say: the future is bright with Bitcoin.”
Created in the first quarter of 2022, the company would also have opened offices in San Francisco.
MicroStrategy and Bitcoin
The American company spearheaded by Michael Saylor has been adding bitcoin to its corporate balance sheet since August 2020. Several months ago, Phong Le – Chief Financial Officer of MicroStrategy – said the firm is committed to purchasing more portions of the asset in the future despite the fluctuations of the crypto market.
Currently, he holds 129,218 BTC, acquired at an average price of around $30,700. For the past few weeks, the price of bitcoin has been hovering around $30,000, meaning MicroStrategy was sitting at an unrealized loss of millions of dollars. As of this writing, the cryptocurrency is trading at around $31,500, putting the company’s investment back in the green.
It is also worth mentioning that the head of the company – Michael Saylor – is one of the biggest advocates of BTC. He often advises investors and even governments to purchase the coin as a hedge against inflation and a financial instrument that could boost their economic well-being.
Not so long ago, he described bitcoin as the perfect retirement asset, less risky than stocks and bonds. A few weeks later, he predicted that his future price would skyrocket into the millions.
