In November, the company’s management reported that it was ready to allocate cash reserves up to $ 20 million for the purchase of the first cryptocurrency. Rumble considers Bitcoin a valuable tool for hedging inflation risks, especially given the friendly attitude of the US administration towards cryptocurrencies and the purchase of bitcoin other large legal companies.
“Bitcoin reserves can save our inflation funds. Bitcoin does not threaten “erosion”, unlike reprinting fiat currencies. Being a video platform with cloud services for the crypto community, we are proud that we hold bitcoins. We are ready to integrate bitcoin into our corporate infrastructure and build more strong ties with the cryptocurrency, ”said Chris Pavlovski, chairman and general director of Rumble.
He noted that further purchases of bitcoin will depend on his course, market conditions and needs of the company. Rumble can change, suspend or stop its strategy for the distribution of funds to bitcoin at any time.
The platform began to invest in cryptocurrency after large investments received from Tether. Last year, Tether acquired a share in Rumble in the amount of $ 775 million, having bought more than 103 million shares of the company. This transaction increased the cost of Rumble by 76%. Soon Pavlovsky proposed to introduce a function on the platform that would allow creators to receive tips in BTC and USDT.
Recently, the Brazilian fintech company Méliuz made a large purchase of bitcoins-it acquired 45.72 BTC for $ 4.1 million for long-term storage. Another large buyer of Bitcoin was the Semler Scientific technological company – in the period from January 11 to February 3, it acquired 871 BTC for $ 88.5 million.
Source: Bits
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