HK-based tech company Meitu recently disclosed their latest purchase of an additional $10 million worth of Bitcoin (BTC) on Thursday, having accumulated a total value of roughly $100 million in its cryptocurrency holdings now.
The company acquired 175.67798279 units of BTC at the price of $10 million, which means each unit would have cost roughly $57,000 at the time of purchase. The existing cash reserves were used for the purchase.
The Board of the company believes that blockchain technology could drastically alter the financial and technology industries, comparing it to the time when mobile internet disrupted the PC internet and other offline industries.
The document also stated that:
“Some of these features potentially even render Bitcoin as a superior form to other alternative stores of value such as gold, precious stone and real estate. Being an alternative store of value, its price is primarily a function of future demand that is driven by consensus of investors and the general public.”
When the publicly listed firms in China make cryptocurrency investments, they do so with caution. While China acknowledges cryptocurrencies as commodities, the digital currencies have yet to be made usable. Trading with fiat currency is not allowed. However, as commodities, trading cryptocurrencies with each other could still be possible.
