“Altvest Capital’s investment company has declared plans to make bitcoin the main backup asset of its treasury. The firm will be the first on the African continent who uses cryptocurrency in a corporate strategy, writes Bloomberg. Altvest has already bought 1 BTC and applied to regulatory authorities to attract about 200 million ranks (~ $ 10 million) by selling shares, CEO Warren Wittie said CEO. He noted that the final decision on […]”, – WRITE: Businessua.com.ua
Altvest Capital’s investment company has declared plans to make bitcoin the main backup asset of its treasury. The firm will become the first on the African continent who Uses cryptocurrency in a corporate strategy, writes Bloomberg.
Altvest has already bought 1 BTC and applied to regulatory authorities to attract about 200 million ranks (~ $ 10 million) by selling shares, CEO Warren Wittie said CEO. He noted that the final decision to raise funds has not yet been made.
ALTVEST repeats the approach promoted by the founder of Strategy (previously Microstrategy) Michael Sailor. An entrepreneur company has started buying bitcoins in 2020 and currently owns 478 740 BTC worth more than $ 47 billion.
“We view bitcoin as a strategic reserve asset that will strengthen our Treasury portfolio and protect it from economic instability, as well as from the depreciation of currency, especially South African Roda,” Vitley said.
The method of using corporate funds, and sometimes loans, is gaining popularity for buying bitcoin. However, it is criticized because of the volatility of the first cryptocurrency, which can weaken the balance of companies. Altvest conducted risks and concluded that bitcoin complements their portfolio of alternative assets.
We will remind, on February 11 the price of the “official meme-ain” of the Central African Republic of Car fell by 96% of the peak of $ 0.89 during the day after the contradictory launch.
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