Canadian augmented reality company NexTech is investing $2 million in bitcoin to diversify its investment portfolio.
NexTech CEO Evan Happelberg announced that the company’s initial investment in BTC will be $2 million and that NexTech will continue to invest in the cryptocurrency next year. Gappelberg sees Bitcoin as a secure means of savings and an attractive tool for long-term investments.
Investing in the first cryptocurrency will help maximize returns for shareholders, while fiat deposits will yield only 0.06%. NexTech’s CEO called Bitcoin a “digital version of gold. Happelberg justified his position by the fact that the market capitalization of gold is about 10 trillion dollars, and for bitcoins this figure has already reached half a trillion.
In recent months, not only NexTech invested in Bitcoins
Many large companys including MicroStrategy, MassMutual and Square. Not everyone, however, supports the enthusiasm of institutional investors. For example, Gary Cohn, former president of Bankman Goldman Sachs, believes that bitcoin is an emerging asset and its price could fall at any time. Consequently, companies that invest in bitcoins are risking their shareholders’ money. It’s worth noting that Cohn has never been a Bitcoin supporter. But lately he has changed the vector of his beliefs and started to see bitcoin as a profitable asset class, which can bring a lot of profit in the future. And it has very good prospects.
This week it became known that another Canadian company, Mogo, is investing in bitcoin, with $1.5 million in funding. Despite the fears of bitcoin critics, Mogo sees cryptocurrencies as a strong asset class.