It seems the general cryptocurrency market is going to end the “unlucky” month of March on a high note. Over the last couple of days, Bitcoin had rallied to top nearly $60,000 as of this writing (UK 7am).
This month has seen several new listed companies allocating their corporate treasuries to Bitcoin and even Ethereum. One notable company is Meitu, the company behind the popular teenage beauty app.
The case for Bitcoin as an alternative store of asset continues to gain pace. In a recent World Family Office Forum, Michael Saylor (founder and CEO of MicroStrategy Inc.), he opined that Bitcoin is a better asset than cash.
As we approach April, a month that has historically been a good one for bitcoin, the mood of optimism in cryptocurrency markets continues. Market movements are only one piece of a puzzle in an industry also driven by incredible innovation and the development of an ecosystem that will be sustainable over the long term.
Still, the digital gold narrative remains front and centre in the minds of the growing numbers from traditional finance drawn towards bitcoin.”, Paolo Ardoino, CTO at Bitfinex:
One of the top fund management company, Soros Fund Management, has also declared their investments into crypto infrastructure service providers. A venerable firm like Soros would only do that if there is longevity in the sector.
Arguably, the most exciting piece of news would be Tesla confirming accepting Bitcoin as a payment currency and that they will keep the Bitcoin on their balance sheet instead of converting the BTC straight away to cash (as most other crypto accepting merchants would do in order to mitigate volatility).
The case for allocating a part of treasury to Bitcoin is building up as more companies are doing so. The debasement of fiat currencies continue as central banks around the world are ramping up efforts to shore up their economies.