YouTube rival Rumble says it will allocate up to $20 million of its excess cash reserves toward Bitcoin (BTC).
The online video platform announced in a press release this week that its board of directors voted to approve the new “corporate treasury diversification strategy.”
Chris Pavlovski, Rumble’s chairman and chief executive, says his company believes in the promise of Bitcoin and hopes to strengthen its ties to the crypto community.
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly U.S. presidential administration and increased institutional adoption. Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury.”
The actual timing and value of Rumble’s future Bitcoin purchases remains up to the company’s management, according to the press release.
Rumble, known for its right-leaning customer base and opposition to censorship, also provides web hosting and cloud services.
BTC is trading at $92,100 at time of writing. The top-ranked crypto asset by market cap is down more than 2% in the past 24 hours but up more than 35% in the past month.
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