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Cryptocurrency News Articles
YouTube Rival Rumble Allocates $20M of Excess Cash Reserves to Bitcoin (BTC)
Nov 28, 2024 at 03:45 am
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.”
YouTube rival Rumble is planning to allocate up to $20 million of its excess cash reserves toward Bitcoin (BTC), according to a press release on Wednesday.
The online video platform said its board of directors voted to approve the new “corporate treasury diversification strategy.”
“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,” said Chris Pavlovski, Rumble’s chairman and chief executive.
“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 will be determined by the company’s management, the press release said.
Rumble, which is 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 press time. The top-ranked crypto asset by market cap is down more than 2% in the past 24 hours but up over 35% in the past month.
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