The consulting and investment company GreenPro Capital, whose shares are traded on the NASDAQ exchange, is going to purchase bitcoins in the amount of $ 100 million.
Example MicroStrategy is contagious
Malaysian consulting and investment firm GreenPro Capital will follow MicroStrategy’s lead and acquire $ 100 million worth of bitcoins. The deal will be closed in the near future. According to the company, such a decision was quite balanced and deliberate, since “cryptocurrencies such as bitcoin and ETH provide more opportunities for profit.
“We fully believe in BTC as a store of value. I have informed our investment bankers that we are going to raise up to USD 100 million in the first quarter of 2021 to invest in BTC. The company will also invest its own money in BTC, ”explained S.K. Lee, General Director of GreenPro Capital.
The company decided to follow the lead of MicroStrategy and Square, which have already invested heavily in BTC. Recall that earlier MicroStrategy raised $ 650 million of borrowed funds specifically for the purchase of cryptocurrency, since it considers this asset to be the most profitable. MicroStrategy founder Michael Sailor called bitcoin “air for the economy”, emphasizing that it is impossible to save without it.
Large investors have raised the price of bitcoin to a record
The last months of 2020 and the beginning of 2021 were a time of real breakthrough for Bitcoin. The activity of large investors who were buying up billions of dollars worth of cryptocurrency pushed the price of the coin above $ 35,000.
Analyst Joseph Young drew attention to the fact that the volume of trading in Bitcoin futures on CME reached $ 2.7 billion, and on LMAX Digital – $ 2.6 billion. Both indicators are also historic highs.
In addition to institutional investors, corporate buyers come to the cryptocurrency asset market. Their goals are different from institutions that rely on high returns and capital growth. Companies, however, are more interested in hedging inflation risks and diversifying free cash.
Earlier Anthony Scaramucci, founder and managing partner of SkyBridge Capital, noted that bitcoin performs the protective functions of gold even better than gold itself. The company plans to transfer part of its assets to Bitcoin and ETH to improve its financial position after a bad year.
And the investment company Grayscale has released an entire guide for financial advisors on why investing in bitcoin is so profitable and why buy bitcoin right now.