In summary
- Rumble Inc. plans to allocate up to $20 million in Bitcoin as part of its strategy to protect against inflation and preserve long-term value.
- CEO Chris Pavlovski stated that Bitcoin is a resistant alternative to monetary dilution and a strategic addition to your treasury.
- The move reinforces its position in the crypto community, following in the footsteps of companies like MicroStrategy and Metaplanet Holdings.
Rumble Inc, a publicly traded cloud and video sharing services company, announced on Monday that its board of directors has approved a strategy to allocate up to $20 million of its cash reserves in Bitcoin.
Their move aligns with a growing trend of corporate Bitcoin adoption led by companies like MicroStrategy and Metaplanet Holdings.
The Nasdaq-listed company said its diversification strategy underscores its belief in Bitcoin as a hedge against inflation and a tool for long-term value preservation.
“We believe the world is still in the early stages of Bitcoin adoption,” Chris Pavlovski, president and CEO of Rumble, said in the statement.
The company also aims to strengthen its position as the platform of choice for the crypto community, according to a statement.
Founded in 2013 by Pavlovski, Rumble offers a platform for users to upload, share and monetize video content. It has gained popularity among American conservative and right-wing users and is considered part of the “alt-tech” movement.
Rumble’s Bitcoin allocation adds momentum to the continued corporate adoption of digital assets, which has seen accelerated interest amid growing concerns about inflation and the integration of cryptocurrencies into the mainstream.
“Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money printing, allowing it to be a valuable hedge against inflation and an excellent addition to our treasury,” Pavlovski said.
Rumble’s move mirrors the path of MicroStrategy, which has become a notable Bitcoin advocate since 2020. The enterprise software company has more than $37.5 billion in assets, touting it as a superior store of value compared to cash.
Metaplanet Holdings, founded by Skype co-creator Jaan Tallinn, has also integrated Bitcoin into its financial strategy, leveraging the Cryptocurrency for diversification and as a hedge against inflation.
The timing and amount of Rumble’s Bitcoin purchases will depend on market conditions, the trading price of Bitcoin and the company’s liquidity needs, according to the statement.
Pavlovsky also emphasized that the strategy is flexible and can be revised or suspended as necessary.
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