NexTech, a Canadian augmented reality firm, is investing $ 2 million in bitcoin to diversify its investment portfolio.
NexTech CEO Evan Gappelberg announced that the firm’s initial investment in BTC will be $ 2 million, and NexTech will continue to invest in cryptocurrency next year. Gappelberg considers Bitcoin to be a reliable store of value and an attractive asset for long-term investments.
Investing in the first cryptocurrency will help maximize shareholder returns, while fiat deposits only generate 0.06%. The head of NexTech called Bitcoin “the digital version of gold.” Happelberg justified his position by the fact that the market capitalization of gold is about $ 10 trillion, while for bitcoin this figure has already reached half a trillion.
Many large companies have invested in bitcoin in recent months, including MicroStrategy, MassMutual and Square. However, not everyone supports this enthusiasm of institutional investors. For example, the ex-president of the banking giant Goldman Sachs, Gary Cohn , believes that bitcoin is an emerging asset, and its rate can collapse at any time. Therefore, companies investing in bitcoin risk their shareholders’ funds. It’s worth noting that Cohn has never been a supporter of Bitcoin.
It became known this week that another Canadian company, Mogo, is investing in bitcoin , which has allocated $ 1.5 million for this purpose. Despite the fears of bitcoin critics, Mogo views cryptocurrencies as a strong asset class.