NexTech AR plans to buy bitcoins for $ 2 million
NexTech AR Solutions joins those wishing to buy bitcoin
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Canadian augmented reality company NexTech AR Solutions is going to spend part of its reserves to buy bitcoin.
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NexTech AR plans to buy $ 2 million worth of cryptocurrency
NexTech AR will join other companies deciding to hedge their assets with BTC. Buying by firms like MicroStrategy appears to be contributing to the bullish rally as well..
Another company chose bitcoin for asset protection
The volatile economic situation around the world this year has prompted another company to protect its savings with Bitcoin. The Vancouver-based firm said it would have an initial investment of $ 2 million, according to a press release..
The company also noted that they can later buy more bitcoins. NexTech AR CEO Evan Gappelberg commented on this decision:
“This initial investment reflects our belief that bitcoin is a long-term store of value and an attractive investment asset with longer-term upside potential compared to holding cash, which currently yields 0.06%.”.
In his opinion, bitcoin can become a digital alternative to gold. The market capitalization of gold is $ 10 trillion, while bitcoin is $ 500 million, while Gappelberg noted that bitcoin has more room to grow.
A year of corporate investment in BTC
NexTech AR is the latest of several companies to choose to buy BTC with reserves. Earlier in 2020, MicroStrategy made a massive investment stunning cryptocurrency experts.
Beginning in August, the firm announced several purchases, culminating in the sale of $ 650 million in convertible senior bonds. The proceeds were spent on bitcoins, bringing the firm’s total assets to over $ 1 billion..
Following MicroStrategy, Jack Dorsey’s payment company Square bought $ 50 million worth of BTC in October using its reserves.
Even later, MassMutual, a Massachusetts insurance company, announced the investment. Earlier this month, the nearly 170-year-old company diversified its $ 275 billion in assets under its management by buying $ 100 million worth of bitcoins..
A new generation of investors
Apparently, MicroStrategy’s first bold purchase of BTC in August inspired a new wave of corporate bitcoin hodlers. At the same time, all investors refer to the possible weakening of the dollar, which will devalue their reserves.
The increase in institutional buying may have coincided with a recent rally, with BTC moving to the middle of the $ 20,000 – $ 30,000 range. When MicroStrategy announced its first purchase, Bitcoin was trading below $ 12,000..
Over the next four months, the price rose by more than 135%. BTC is trading around $ 26,800 at the time of writing, near its recent all-time high of $ 28,335 set on December 27.
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