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Heavy vehicle accessory manufacturing company Worksport announced this Thursday that it is adopting Bitcoin (BTC) and Ripple (XRP) for its corporate reserves. With this move, the American firm becomes the most recent entry of traditional companies into the Cryptocurrency sector.
Through a statement, the company announced that the board of directors approved the purchase of both tokens for an initial amount of $5 million. These currencies are incorporated into the balance sheets and, in addition, become support to improve the company’s commercial efficiency. With this, the growing interest of traditional companies in the crypto market is demonstrated.
This Thursday, the price of Bitcoin reached the milestone of $100k per coin and is consolidating above that barrier. Going forward, it is likely that many firms will begin to feel FOMO in the face of such a rally that BTC is experiencing during 2024, and especially since November.
On the other hand, experts expect that 2025 will be a year of greater increases. This is the reason why a growing number of companies are rapidly purchasing BTC. The fact that Worksport announces that it adopts Bitcoin and XRP becomes a sign of optimism and confidence about the future of the token.
Worksport joins the corporate Bitcoin club
As already mentioned, Worksport’s board of directors approved the injection of $5 million in Bitcoin and XRP. This purchase is limited to a maximum of 10% excess corporate cash. Although this injection may seem small compared to that of other firms, it is a trend that could spread in the future.
Meanwhile, despite the high price of Bitcoin, by any standards, Worksport’s entry into the game can be considered early. So far, an insignificant percentage of traditional companies have taken the step, while the mass entry of large players is expected in the not too distant future.
Even the United States government itself could join the purchasing pressure. According to the Republicans, the country will adopt Bitcoin to incorporate it into the strategic reserves of the North American country. The latter could be the trigger for the BTC shortage to become acute and its price to skyrocket to unforeseen limits.
Both governments and large companies would enter the crypto world. In that scenario, the investments of Worksport and other Bitcoin newcomers could look like very cheap purchases.
In reaction to this investment news in BTC and
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