Digital asset custodian BitGo holds $ 250 million in bitcoin on its balance sheet. This was stated by BitGo CEO Mike Belshe in a conversation with CoinDesk.
According to him, BitGo added Bitcoin to its balance in 2014. In the same year, BitGo launched a multi-signature wallet for managing reserve assets. However, other big companies like MicroStrategy, Square, and MassMutual only started joining cryptocurrency investments in 2020. Last week, the Coinbase exchange disclosed information that it has also been holding its own assets in bitcoin and other cryptocurrencies since 2012.
“The development of the industry took longer than we expected,” Belshe added.
According to him, the decision to buy bitcoin was due to the company’s desire to keep pace with the interests of customers.
“When a venture-backed firm takes a position in something other than the US dollar, it’s a very controversial decision. Investors would not allow us to invest in gold, ”he said.
BitGo invested in bitcoin with the expectation that it had enough reserves to continue working for 24-36 months in the event of a cryptocurrency price collapse to zero.
“I strongly recommend that companies invest in bitcoin. I think the global pandemic has shown that some access to digital assets serves as a way to stabilize the business, not destabilize it, ”Belshe said.
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