Earlier than Tesla, this firm purchased bitcoin and should have even given Elon Musk the concept


An illustration of bitcoin on Euro banknotes.

Nicolas Economou | NurPhoto through Getty Photos

MicroStrategy‘s inventory is up greater than 700% since August, when the Virginia-based enterprise software program firm turned an early adopter of shopping for bitcoin for its company treasury.

Michael Saylor, its chairman and CEO, is an outspoken evangelist for bitcoin and inspired different firms to observe MicroStrategy’s lead — including Tesla CEO Elon Musk in a Twitter dialog.

On Monday, a little bit greater than a month since Saylor tweeted at Musk, Tesla revealed in a regulatory submitting it had bought $1.5 billion worth of bitcoin and plans to just accept the digital coin as fee sooner or later. The worth of bitcoin — and MicroStrategy’s inventory — soared following the information.