Another U.S. public listed company just bought $7 million in Bitcoin
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The Bitcoin market has been on fire as of late. In the past year, the price of Bitcoin has risen from $750 to $7,000. It is now worth more than gold for the first time in history. There are now more than 16.3 million bitcoins in existence, and the total worth of the bitcoin market is more than $115 billion. Blog Name: The Cryptocurrency Expert Content: Top 10 Cryptocurrency Exchanges
A publicly traded company based in Washington has just bought $7 million in Bitcoin (BTC), according to a document filed with the SEC. The company is called MGT Capital Investments, and it focuses on tech investments, particularly in the areas of cybersecurity and blockchain technology. Contrary to popular belief, the company has no current business relationship with John McAfee, the outspoken founder of McAfee Antivirus. However, it does have a “significant” stake in the company formerly known as BitFi, which is a cryptocurrency hardware wallet and debit card provider.
MercadoLibre (Nasdaq: MELI), a leading e-commerce technology company in Latin America, has acquired a small amount of bitcoin, according to a filing yesterday with the US Securities and Exchange Commission (SEC).
The South American company is protecting itself in the currency field, noted MacroScope, a popular pseudo-trader in cryptocurrency circles, on Twitter.
Argentina-based MercadoLibre (Nasdaq: MELI) said in a statement filed a few minutes ago with the U.S. Securities and Exchange Commission:
As part of our cash strategy, we purchased $7.8 million worth of bitcoins this quarter.
A South American company is protecting itself…
– MacroScope (@MacroScope17) May 5, 2021
The Argentine company is registered and listed in the United States and operates online marketplaces for e-commerce and online auctions. The company reported losses in South America due to the general deterioration of the economy, but did not make a direct connection between these losses and bitcoin purchases.
MercadoLibre said it acquired bitcoin, the world’s largest cryptocurrency by market capitalization, as part of its cash strategy.
As part of our cash strategy, we acquired $7.8 million worth of bitcoins this quarter, a digital asset that we report as part of our indefinite-lived intangible assets, the statement said.
We incurred foreign exchange losses of $15.1 million, primarily due to the additional cost of accessing U.S. dollars through the indirect mechanism in Argentina, as the Argentine government imposed restrictions on the purchase of U.S. dollars at the official exchange rate, the company added in a separate note,
Argentina, Fiat, Frustration, and Bitcoin
Argentines have turned to bitcoin in droves in recent months as their country goes through an economic crisis. As we reported earlier this week, residents are looking for new ways to offset inflation, and the number of accounts registered with crypto-currency exchanges has reportedly increased tenfold.
By 2020, the country’s GDP has contracted by about 10%, and the economy has been in recession since 2018. It is assumed that citizens traditionally invest their money in US dollars to offset inflation, but the latter itself raises inflation concerns, and bitcoin has become a safer choice.
MercadoLibre joins the ranks of business intelligence firm MicroStrategy, electric car maker Tesla, Chinese photo editing app Meitu and several other publicly traded companies that have chosen to invest in bitcoin over the past year.
The whole idea of the investors mentioned above – they have invested billions of dollars in bitcoin – is to protect themselves from fiat currency inflation and choose a deflationary asset to hold money in.
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