Although Bitcoin was launched as a peer-to-peer electronic money system, it is a known fact that the point it has reached now is very, very different. BTC is seen as an insurance against inflation, a way of salvation, thanks to its limited supply and dwindling flow pattern. The fact that the two companies made BTC investments as cash reserves in a short time proves this.
First MicroStrategy, Now Snappa!
The news that was first given by MicroStrategy firm in the first weeks of August and now the news from the software giant Snappa has strengthened BTC’s place in the sector. MicroStrategy announced that it has made a total investment of $ 250 million in Bitcoin. By doing this, MicroStrategy made history as the first publicly traded company to choose BTC as its cash reserve.
About 13 days after this incident, similar news came from the Canadian-based software company Snappa. In the announcement released by Snappe today, it was stated that 40% of the company’s cash reserves were allocated as Bitcoin investments.
“We Are Not Considering Selling Bitcoin”
Although Snappa is not as big as MicroStrategy, this step taken by the seven-person startup firm actually represents a major development and change. The statement made by Snappa officials drew attention to the statement that they continue to “accumulate coins” continuously and do not intend to “sell it soon”. Co-founder Christopher Gimmer stressed that if they are justified in Bitcoin’s bullish predictions, they could have used this portion of their cash reserves very beneficial.
This move of Snappa could be the forerunner of many more similar investments. BTC definitely attracts the attention of institutions with its resistance to inflation.