Bitcoin Price – MicroStrategy, Square, NexTech AR Solutions, PayPal and CleanSpark CEOs Highlight Bitcoin Adoption in Business Asset Allocation Strategy | Zoom Fintech
New York, December 29, 2020 (GLOBE NEWSWIRE) – Tech Capital, the trusted source for technology news and analysis, highlights recent comments from MicroStrategy Inc, Square Inc, NexTech AR Solutions Corp, PayPal Holdings Inc and CleanSpark Inc discussing of the adoption of Bitcoin in the asset allocation strategy of companies.
According to the currency tracking site, bitcointreasuries.org, BitcoinCompanies worth more than $ 30 billion are owned by companies that use them instead of traditional reserves like cash and stocks. Included on the list is MicroStrategy Inc, which now sits on 70470 Bitcoins, bought for around $ 1.125 billion.
The demand from businesses and investors for the cryptocurrency, which like gold is valued for its safe-haven qualities, has recently pushed the Bitcoin price over US $ 27,000 to set a new all-time high. In March, it was trading below US $ 5,000.
Michael J Saylor, Managing Director of MicroStrategy Incorporated (NASDAQ: MSTR) Bitcoin is a “reliable store of value”
Earlier this month, the business intelligence firm announced it had purchased an additional 29,646 people Bitcoins for $ 650 million in cash “in accordance with its cash reserve policy”.
“We believe that the proactive management of our balance sheet, combined with the improvement in the company’s income and profitability, have been important factors in the recent appreciation of our share price.”
CFO Phong Le added… “The company continues to believe Bitcoin will provide the opportunity to obtain better returns and preserve the value of our capital over time compared to holding cash. We also remain dedicated to our clients and our goal of operating a growing profitable business intelligence company. “
Square Inc (NYSE: SQ) CFO Amrita Ahuja Says “We intend to learn and participate in a disciplined manner”
“We believe this Bitcoin has the potential to become a more ubiquitous currency in the future, ”Square CFO Amrita Ahuja said after purchasing Bitcoins worth $ 50 million. “As the adoption proceeds, we intend to learn and participate in a disciplined manner. For a company that is building products based on a more inclusive future, this investment is a step on that path. “
Square founder and CEO Jack Dorsey is a longtime supporter of digital currency. The Twitter co-creator has publicly stated that it could eventually become the world’s “single currency”.
NexTech AR Solutions Corp (OTCQB: NEXCF, CSE: NTAR, FSE: N29) CEO Evan Gappelberg: It’s about “maximizing long-term value” for shareholders
This week, the provider of virtual and augmented reality experience technologies and services for e-commerce, education, conferences and events bought $ 2 million worth of cryptocurrency and said it could acquire more in 2021.
Evan Gappelberg, CEO of NexTech, said: “Our investment in Bitcoin is part of our new strategy of diversification and capital allocation, with the intention of maximizing long-term value for our shareholders. “
Gappelberg continued … “This initial investment reflects our conviction that Bitcoin, is a long-term store of value and an attractive investment asset with greater potential for long-term appreciation than holding cash which currently earns 0.06%.
“Bitcoin is a digital version of gold which has a total market cap of $ 10 trillion against BitcoinThe total market capitalization of only $ 500 billion. We believe that as part of the digital transformation, a paradigm shift towards digital gold is underway and that Bitcoin is increasingly seen as a store of value, just like gold, it will catch up with gold. “
Watch the December 2020 live stream from NexTech AR Solutions CEO Evan Gappelberg
Paypal Holdings Inc (NASDAQ: PYPL) CEO Dan Schulman Says Switching To Digital Currencies “Inevitable” With Clear Benefits
“The shift to digital forms of currencies is inevitable, bringing with it clear benefits in terms of financial inclusion and access; efficiency, speed and resilience of the payment system; and the ability for governments to quickly disburse funds to citizens, ”said Dan Schulman, CEO of PayPal.
“Our global reach, digital payments expertise, two-way network, and rigorous security and compliance controls provide us with the opportunity and responsibility to help facilitate the understanding, redemption and interoperability of these new instruments. exchange. We look forward to working with central banks and regulators around the world to offer our support and significantly contribute to shaping the role that digital currencies will play in the future of global finance and commerce. “
CleanSpark Inc (NASDAQ: CLSK) Improves Its Game In The Mining Space
The company has increased its mining capacity by over 100 petahash per second at 300 PH / s.
“In the Bitcoin mining industry, time is money, and with soaring prices, ASIC miners are extremely hard to come by. Many mining companies, both publicly listed and privately owned, have announced plans to increase their capacity in six to nine months, however, we have focused on sourcing units for immediate deployment, ”Zachary said. Bradford, CEO of CleanSpark.
He added… “Like Bitcoin prices have continued to rise and industry leaders such as Square, PayPal, MicroStrategy and others have made substantial investments in Bitcoin, we believe this strategy will provide exceptional returns to our shareholders. This opportunity has allowed us to deploy additional resources as part of our strategy to use the available energy supply in the most efficient and cost effective manner possible. “
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