What was the growth rate of MicroStrategy's cloud revenue on a year-over-year basis in Q4 2020 
the role of MicroStrategy's participation in the Bitcoin network evolving in the future? And will the company look to build a software business that leverages the growth of the Bitcoin monetary network where you expand the company's world beyond being a leader for Bitcoin treasury education?
Michael Saylor -- Chairman and Chief Executive Officer
We have a scrum team, and we're actively studying the Bitcoin industry and all the activities and the process in the industry and all the data in the industry to determine the best way for us to add value with our existing business intelligence and HyperIntelligence. Although we don't have anything that we are ready to announce right now, we're enthusiastic about the opportunity to bring our intelligence to the industry at the right time in the right fashion.
Jeremy Price
All right. Just as a reminder, please use the Q&A feature at the bottom of your Zoom screen in order to ask questions. Next question for Phong. How should we think about the growth of license in 2021 given the momentum around cloud and subscription?
Phong Le -- President and Chief Financial Officer
Yeah. Thanks, Jeremy. Obviously, we're pretty excited about the ability to transition to the cloud. We are still early in that process.
I think as I noted, we saw a 21% growth in our cloud revenue on a year-over-year basis and 41% growth on our cloud billings on a year-over-year basis. That was off of Q3 where we saw an 80% growth in cloud billings on a year-over-year basis. So although early on, we're starting to see good momentum. Obviously, when we see subscription revenue come through, it's recognized on a ratable basis.
So it ends up depressing slightly our product license revenue. And many people study cloud transition models and have experienced that. So if not for that cloud growth in Q4, we would have seen higher product license revenues. All that said, our revenues, generally speaking, were flat in Q4 and flat for the full year.
I think as we start to accelerate our growth in 2021 across perpetual licenses and cloud, my goal is to not see a significant change in our product license revenue and not a significant impact from our transition to cloud and see growth in both. And I think with the momentum that we've seen in our business, that is a potential positive outcome. It's growth across all of our revenue segments.
Jeremy Price
Good. Thank you, Phong. Next question, and I think there are a couple of people who've asked this or some version of this. Are you planning to do another convertible debt offering, or have you considered issuing equity debt or other securities to allow you to purchase more Bitcoins?
Michael Saylor -- Chairman and Chief Executive Officer
We're continuing and continuously evaluating our capital position, as well as the market conditions in the capital markets. We have sufficient liquidity to operate our business as it's currently conducted. While it's possible we'll raise additional capital if we think it makes sense to, it would be inappropriate for me to comment on any future financial plans.
Jeremy Price
OK. And I think a follow-up question there is, will you purchase additional Bitcoins in future periods?
Michael Saylor -- Chairman and Chief Executive Officer
Well, Bitcoin is an important part of our overall strategy. So going forward, we will continue to plan to hold our Bitcoin. We will invest additional excess cash flows in Bitcoin. And we'll explore various approaches to acquire additional Bitcoin as part of our general corporate strategy.
Jeremy Price
All right. Thank you, Michael. Let's see here. Are you a software company or just a Bitcoin investment vehicle?
Michael Saylor -- Chairman and Chief Executive Officer
We're a global leader in enterprise analytics, software, and services. We continue to operate the software business, as we have over the last 30 years. But at the same time, Bitcoin is an important part of our strategy. We have a Bitcoin strategy in addition to our software strategy.
So if you just keep in mind that we've got two strategies, we're going to pursue th
the role of MicroStrategy's participation in the Bitcoin network evolving in the future? And will the company look to build a software business that leverages the growth of the Bitcoin monetary network where you expand the company's world beyond being a leader for Bitcoin treasury education?
Michael Saylor -- Chairman and Chief Executive Officer
We have a scrum team, and we're actively studying the Bitcoin industry and all the activities and the process in the industry and all the data in the industry to determine the best way for us to add value with our existing business intelligence and HyperIntelligence. Although we don't have anything that we are ready to announce right now, we're enthusiastic about the opportunity to bring our intelligence to the industry at the right time in the right fashion.
Jeremy Price
All right. Just as a reminder, please use the Q&A feature at the bottom of your Zoom screen in order to ask questions. Next question for Phong. How should we think about the growth of license in 2021 given the momentum around cloud and subscription?
Phong Le -- President and Chief Financial Officer
Yeah. Thanks, Jeremy. Obviously, we're pretty excited about the ability to transition to the cloud. We are still early in that process.
I think as I noted, we saw a 21% growth in our cloud revenue on a year-over-year basis and 41% growth on our cloud billings on a year-over-year basis. That was off of Q3 where we saw an 80% growth in cloud billings on a year-over-year basis. So although early on, we're starting to see good momentum. Obviously, when we see subscription revenue come through, it's recognized on a ratable basis.
So it ends up depressing slightly our product license revenue. And many people study cloud transition models and have experienced that. So if not for that cloud growth in Q4, we would have seen higher product license revenues. All that said, our revenues, generally speaking, were flat in Q4 and flat for the full year.
I think as we start to accelerate our growth in 2021 across perpetual licenses and cloud, my goal is to not see a significant change in our product license revenue and not a significant impact from our transition to cloud and see growth in both. And I think with the momentum that we've seen in our business, that is a potential positive outcome. It's growth across all of our revenue segments.
Jeremy Price
 Good. Thank you, Phong. Next question, and I think there are a couple of people who've asked this or some version of this. Are you planning to do another convertible debt offering, or have you considered issuing equity debt or other securities to allow you to purchase more Bitcoins?
Michael Saylor -- Chairman and Chief Executive Officer
We're continuing and continuously evaluating our capital position, as well as the market conditions in the capital markets. We have sufficient liquidity to operate our business as it's currently conducted. While it's possible we'll raise additional capital if we think it makes sense to, it would be inappropriate for me to comment on any future financial plans.
Jeremy Price
OK. And I think a follow-up question there is, will you purchase additional Bitcoins in future periods?
Michael Saylor -- Chairman and Chief Executive Officer
Well, Bitcoin is an important part of our overall strategy. So going forward, we will continue to plan to hold our Bitcoin. We will invest additional excess cash flows in Bitcoin. And we'll explore various approaches to acquire additional Bitcoin as part of our general corporate strategy.
Jeremy Price
All right. Thank you, Michael. Let's see here. Are you a software company or just a Bitcoin investment vehicle?
Michael Saylor -- Chairman and Chief Executive Officer
We're a global leader in enterprise analytics, software, and services. We continue to operate the software business, as we have over the last 30 years. But at the same time, Bitcoin is an important part of our strategy. We have a Bitcoin strategy in addition to our software strategy.
So if you just keep in mind that we've got two strategies, we're going to pursue th