GreenPro Capital plans to buy $100 million worth of bitcoins
GreenPro Capital, a consulting and investment firm listed on the NASDAQ stock exchange, is buying $100 million worth of bitcoins.
MicroStrategy’s example is contagious
Malaysian consulting and investment firm GreenPro Capital is following MicroStrategy’s lead and buying $100 million worth of bitcoins. The store will close shortly. The company said the decision was quite deliberate and thoughtful because “cryptocurrencies such as bitcoin and ETH offer more profit opportunities.”
“We fully believe in BTC as a vault. I have informed our investment bankers that we will raise up to $100 million to invest in BTC in the first quarter of 2021. The company is also putting its own money into BTC,” explained S.K. Lee, CEO of GreenPro Capital.
The company has decided to follow MicroStrategy and Square, which have already invested significant amounts in BTC. Recall that MicroStrategy previously borrowed $650 million specifically to buy the cryptocurrency because it considers it the most profitable instrument. Michael Saylor, MicroStrategy’s founder, called the air economics, stressing that it is impossible to save without it.
Major investors, like GreenPro Capital, have raised the price of bitcoin to a record high
The last months of 2020 and the beginning of 2021 were a time of real breakthrough for Bitcoin. Large investors who bought billions of dollars in the cryptocurrency have pushed the coin’s price above $35,000.
Analyst Joseph Young noted that bitcoin futures trading volume reached $2.7 billion on CME and $2.6 billion on LMAX Digital. Both indicators are also historic highs.
In addition to institutional investors, corporate buyers are entering the market for cryptocurrency assets. Their goals are different from those that rely on high returns and capital growth. However, companies are more interested in hedging inflation risks and diversifying free cash.
Previously, Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, noted that bitcoin performs the protective functions of gold even better than gold itself. The company plans to move some of its assets into bitcoin and ETH to improve its financial position after a bad year.
And investment firm Grayscale has released a comprehensive guide for financial advisors on why investing in bitcoin is so profitable and why they are buying bitcoin now.
Recently it was reported that Ripple founder got rid of $400 million worth of XRP in 2020.