Bitcoin adoption among corporations is accelerating, as evidenced by Rumble's announcement of a Bitcoin (BTC) treasury strategy. This aligns with a global trend of companies embracing Bitcoin as a strategic asset.
Rumble, known for its video-sharing platform, has decided to allocate part of its cash reserves to BTC, planning to purchase up to $20 million worth. This decision was approved by Rumble's Board of Directors as part of a treasury diversification strategy.
Rumble's CEO, Chris Pavlovski, stated that Bitcoin is seen as a valuable tool for strategic planning. He highlighted Bitcoin's resistance to inflation compared to fiat currencies, suggesting it as a hedge against monetary dilution.
This announcement came shortly after a poll on Twitter, where over 93% of respondents supported adding Bitcoin to Rumble's balance sheet. Rumble's stock price surged by 12.63% following the news.
The move mirrors MicroStrategy's approach, which has seen significant returns on investment by holding large amounts of Bitcoin. Such strategies have individual stocks outperforming Bitcoin itself and major indices like the S&P 500.
Speculation continues around other tech giants considering Bitcoin, potentially driving further demand and price increases for the cryptocurrency. Analysts anticipate BTC could reach a six-figure price target soon.
