Earlier this week, Bitcoin’s (BTC) bullish and crypto investors were thrilled with the news that MicroStrategy, a $1.2 billion Nasdaq-quoted business intelligence company, formally adopted Bitcoin as its primary reserve asset by purchasing 21,454 BTCs ($250 million).

This led most of the leading cryptanalysts and industry people to post super-optimistic statements on Twitter, and for many, this confirmed the belief that Bitcoin is in the early stages of a bull market.

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While this news is exciting and a strong sign that the institutional adoption of cryptomonies is simply continuing, there is even better news. BlackRock, the $89 billion investment giant, is MicroStrategy’s largest shareholder.

According to CNN Business data, BlackRock Fund Advisors has a 15.24% stake in MicroStrategy. This means that the recent purchase of MicroStrategy gives BlackRock indirect exposure to Bitcoin, the company essentially becoming a “Bitcoin open source company.

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In an official statement, MicroStrategy said it was adopting Bitcoin as a “major treasury reserve asset,” and CEO Michael J. Saylor acknowledged that Bitcoin could potentially be superior to cash.

Saylor said:

“Since its inception over a decade ago, Bitcoin has emerged as a major addition to the global financial system, with features that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash, and as a result, has made Bitcoin the primary asset in its cash reserve strategy.

The purchase becomes even more interesting if we consider the previous comments that both Saylor and the BlackRock strategists made about Bitcoin.

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In February 2018, in a conversation with CNBC, BlackRock’s global strategist and chief investment officer, Richard Turnill, said

“We see that crypto currencies will potentially be used more widely in the future as markets mature. However, for now, we believe they should only be considered by those who can sustain potentially complete losses.

At the time, Turnill outlined some factors that could help keep Bitcoin afloat in the long term. He also stressed that a global regulatory framework on cryptomonies could potentially help the growth of active crypto.

Since then, the Financial Action Task Force (FATF) of the G7 has established a unified regulatory framework for cryptomonies. Most major countries in Asia, Europe and the United States have also adopted clearer policies on cryptomonies.

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Saylor, who this week expressed optimism about Bitcoin Profit long-term trajectory, had an even more critical perspective on 2013 when he said:

“Bitcoin’s days are numbered. It seems only a matter of time before it suffers the same fate as online gambling.