In the wake of President-elect Donald Trump proposal for a strategic Bitcoin (BTC) reserve at the National Bitcoin Conference in Nashville earlier this year, there has been a noticeable increase in BTC adoption by various countries and companies. This month alone, nine major companies from diverse industries including finance, healthcare and artificial intelligence (AI) have embraced the leading cryptocurrency as a strategic reserve.
Bitcoin as a strategic reserve asset
A major player making headlines is Rumble, a video platform aimed at a conservative audience. The company announced his intention to invest part of his excess cash reserves – up to $20 million – in Bitcoin. Rumble Chairman and CEO Chris Pavlovski highlighted BTC’s long-term potential, stating:
We believe that the world is still in the early stages of Bitcoin adoption. Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money printing, making it a valuable inflation hedge and an excellent addition to our treasury.
Similarly, LQR House, a specialist e-commerce platform, unveiled its strategic pivot towards cryptocurrency, with a plan to purchase up to $1 million worth of Bitcoin as part of its new business strategy.
This was announced by the Japanese company Remixpoint, active in the energy and automotive sectors plans to acquire BTC worth 500 million yen (about $3.27 million). This purchase will expand the company’s total crypto holdings to approximately 3.5 billion yen ($22.92 million).
In the artificial intelligence sector, Genius Group has also ramped up its Bitcoin investments. increasing its BTC treasury by another $4 million, bringing the total to 153 coins worth $14 million.
This decision follows the company’s previous announcement of a ‘Bitcoin-first’ strategy, where it pledged to allocate 90% or more of its current and future reserves to BTC, with an initial target of $120 million.
Key for healthcare companies and media companies
The healthcare sector is not lagging behind, as recently the International Healthcare Group Cosmos to withdraw Bitcoin and Ethereum (ETH) in its treasury reserves as part of a forward-looking investment strategy.
Hoth Therapeutics and Acurx Pharmaceuticals have both approved purchases of up to $1 million in BTC, recognizing its potential as a “robust treasury reserve” amid rising institutional interest and adoption of cryptocurrencies exchange traded funds (ETFs) in the US
Thumzup Media Corp, a provider of social media branding and marketing solutions, has also joined this trend with its Board of Directors. approve a $1 million investment in Bitcoin.
CEO Robert Steele noted BTC’s increasing demand and recognition as a leading asset class, calling it a strong addition to their treasury strategy due to its limited supply and “inflation-resistant features.”
Finally, the Canadian company Jiva Technologies announced plans to integrate Bitcoin into its treasury strategy, approving an investment of up to $1 million. CEO Lorne Rapkin highlighted BTC’s growing reputation as a reliable asset class and a hedge against inflation, reflecting a broader trend towards diversification of financial investments.
At the time of writing, BTC was trading at $96,250, up 5% in the past 24 hours.
Featured image of DALL-E, chart from TradingView.com