At 19:23 UTC on Wednesday (February 17), financial and investing advice company “The Motley Fool” announced that it had decided to invest $5 million in Bitcoin and explained why.
Ten minutes minutes later, the Bitcoin price went above the $52,000 level before reaching $52,400 (at 20:22 UTC), which is the new all-time high.
According to data by CryptoCompare, currently (as of 08:43 UTC on February 17), BTC-USD is trading around $52,413, which means that Bitcoin’s market cap stands roughly at $976.5 billion. Bitcoin is up 7.41% in the past 24-hour period and up 80.90% in the year-to-date (YTD) period.
So, what is the reason that The Motley fool is giving Bitcoin this huge vote of confidence?
The company says there are three reasons:
- “We believe it will store value more effectively than gold over the long term.”
- “We believe it may become a medium for transactions, as/if pricing stabilizes in the decade ahead.”
- “We believe it can act as a productive hedge against inflation.”
It went on to say that it believes “Bitcoin can play a role within a diversified portfolio built with a focus on the long term”and that it plans to “hold this Bitcoin investment for many years.”
Featured Image by “IgorShubin” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.