NexTech Company Just Purchased $2 Million Worth Of BTC

Another publicly-traded company dubbed NexTech just purchased $2 Million worth of BTC, joining the bandwagon of other companies that already bought huge quantities of the number one cryptocurrency, as reported in the previous BTC news.

These past few months have seen plenty of institutional investors investing In Bitcoin to hedge their portfolios against the current macroeconomic inflation happening. Also, many believe that BTC will play a very important role in Finance. For example, Paul Tudor Jones wrote a letter where he thinks that BTC will be the fastest “horse in the race” because of great monetary inflation:

 “We are witnessing the Great Monetary Inflation — an unprecedented expansion of every form of money, unlike anything the developed world has ever seen.”

Other investors on Wall Street shared similar opinions and these statements made other corporations look BTC as a hedge of their investment portfolios and treasuries using BTC. This all started earlier this year with MicroStrategy who purchased BTC in August with about $250 million of company money because they see BTC as a hedge against inflationary trends. The NexTech bought more BTC in the months ahead and is now over 100 percent on its original purchase. The move pushed other public companies to invest in BTC with the company money to hedge against the depreciating US dollar.

According to the Twitter user “Deltasone” who reposts interesting headlines to his feed, NexTech will now be purchasing $2 million worth of BTC with treasury money. the company is also publicly listed in Canada and is based in Vancouver. The chief executive of the company wrote:

 “Our investment in Bitcoin is part of our new capital diversification and allocation strategy with the intent to maximize long-term value for our shareholders. This initial investment reflects our belief that Bitcoin is a long-term store of value and an attractive investment asset with more long-term appreciation potential than holding cash, which is currently yielding 0.06%.”

NEXTECH TO BUY $2MILLION IN BITCOIN WITH TREASURY; MAY ADD MORE IN 2021

— *Walter Bloomberg (@DeItaone) December 29, 2020

The executive Evan Gappelberg added that he believes BTC will gain more traction against gold in the upcoming years. The announcement came a few days after the Nasdaq-listed company Greenpro Capital Corporation announced a similar move as it seeks to raise up to $100 million in 2021 to purchase BTC with. Companies are buying BTC to make their respective shares more attractive to hold as Citron fund research company wrote:

 “As investors scramble to look for ways to capitalize on bitcoin in the stock market, look no further than MSTR. At these prices today, investors are getting a best in class software business at a discount and a free call option on owning a growing treasure chest of bitcoins.”