One can arguably and boldly claim that holding Bitcoin is a brilliant move amongst investors, even if some still believe otherwise. Bitcoin has cemented its place at the top and be one of the market’s most priced assets. Even though some entities still feel the digital asset is a bubble, it has not stopped others from buying it in large quantities.
A recent report from China is that a company in the tech space in the region has just chalked up a huge quantity of the digital asset. The firm has previously bought a huge amount of the digital asset and has now recently added to its stash of Bitcoin and Ethereum.
The company now holds $90 million worth of digital assets
With this purchase, Meitu, the firm in question, now officially boasts of a crypto holding close to $90 million. Before now, the company entered the Bitcoin space at the start of the year and bought strategic holdings of both Bitcoin and Ethereum. At the beginning of this month, the firm announced a huge purchase of Bitcoin and Ethereum worth $22 million and $17.9 million, respectively.
Today’s announcement noted that the firm has further added $28.4 million worth of Ethereum and 21.6 million worth of leading digital asset, Bitcoin, to its holding. “We are proud to announce that on this day, our crypto holdings have now increased to a region around $90 million, due to the recent purchase that we just made”, a statement from the tech company read.
Meitu is now one of the latest companies that have chosen to pool their funds into the digital assets as the price continues to seek new all-time highs. Bitcoin has been able to amass up to a 1000% increase since a year ago that the coronavirus pandemic disrupted the market, causing the digital assets to nosedive.
Institutional investors are now dominating more than ever
This Bitcoins latest feat is seen as remarkable judging by the recent price of around $57,000 that the coin trades now compared to the $3,500 that it traded in a year ago. Analysts and traders have attributed the digital assets’ sporadic rise to market forces, especially institutional investors.
They have continued to dominate the space with massive purchases due to reasons best known to them. Microstrategy was the first company that opened the space as its CEO, Michael Saylor, pointed out that he marveled at the performance of what he could best describe as a “digital gold.” He also noted that companies who want to hedge their capital amid the inflation and decline of the dollar should make the smart move of pooling their funds into the digital assets.
Presently, his company now boasts of nothing less than $5 billion worth of Bitcoin due to their purchase of the digital assets since last year. Square comes close to Microstrategy after the firm announced late October last year that it now holds Bitcoin worth $50 million. The company also recently made another huge purchase, this time adding Bitcoin worth $170 million to its holding.