Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Publicly traded firms have now invested about $7 billion in the world’s most popular crypto.

Statistics, compiled by Bitcoin Treasuries show more than 601,000 BTC is held by companies listed on the Nasdaq, Australian Securities Exchange, Toronto Stock Exchange, London Stock Exchange, OTC Markets Group, Canadian Securities Exchange.

The 15 publicly traded companies with BTC treasuries have also gained $500 million since their respective time investing in Bitcoin.

READ: PZ incurs N1 billion in exchange rate loss 

The number one holder of this valuable crypto is Grayscale’s Bitcoin Trust, which has a BTC treasury worth about $5.17 billion. CoinShares comes a distant second holding more than $802 million in BTC.

GTBank 728 x 90

Michael Saylor, the company’s Chief Executive, disclosed why his company chose Bitcoin as a multigenerational investment.

READ: Gold traders under pressure, as it drops below $1,900

“I considered investing our treasury in fiat, bonds, stocks, swaps, index funds, options, real estate, commodities, precious metals, art, & intangibles before settling on Bitcoin. It seems like the ideal long-duration asset – I don’t understand why anyone would want to trade it,” Saylor said.


GTBank 728 x 90

In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto analytic firm, gave vital insights on why BTC seems to be the next safe-haven asset. She said, “In the past few weeks, gold saw a new all-time high of $2034 which is about 42.6% in the last decade.”

READ: Dangote Group revenue expected to hit $30 billion revenue

She further said;

  • Bitcoin has gained about 8.9 million percentages over the last decade. Security and scarcity are the topmost reasons why traders have trust in safe-haven assets like gold and bitcoin.
  • Bitcoin would outperform gold in a foreseeable future because it’s easily accessible for anyone with internet and of course a more profitable asset than gold.

She spoke about the initial skepticism that traditional banks and global financial regulators had on bitcoin, which looks to be changing now

READ: Meet Kora, Nigeria’s block-chain startup set to disrupt remittance industry

Jaiz bank ads
  • The last decade has been quite challenging for bitcoin and the crypto space despite the enormous price increase. Regulators, investors, and mainstream traders were skeptical about bitcoin because of its volatility and how bitcoin works.
  • In recent times, we have seen growth in the adoption of bitcoin and other cryptocurrencies in general; regulators and banks are finding an entry point into the crypto space.
  • In addition, the market cap of both gold and bitcoin, which is 9 trillion dollars and 117.81 billion dollars respectively, shows that bitcoin still has a lot of potentials. Going by this trajectory, bitcoin is expected to gain more grounds, increase in value, and also be widely used/accepted.”

(Excerpt) Read more Here | 2020-10-14 23:22:30
Image credit: source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.