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Takeaways from the Key Notes
- Rumble is a conservative, streaming-based platform, which has as its backers Vice-President-elect JDVance. It plans to dedicate a part of the cash it holds to bitcoin.
- Rumble didn't disclose a timeline for the bitcoin purchases.
- Rumble shares Morning trading is up about 4%.
Rumble, the conservative streaming platform that includes Vice President elect JD Vance as a backer, has announced plans to invest a portion of its reserves in bitcoin (BTCUSD).
The Rumble stock was up about 4% on Tuesday.
The incoming White House is openly crypto-friendly and Donald Trump has said he would make the U.S. the “crypto capital of the planet” How to create bitcoin “strategic reserve” The currency held by the government is the best option. Bitcoin’s price has been dropping in the last few days, but it is now above $90,000. It also trades near $100,000 since Trump won election.
Rumble has announced that its board of directors has approved a “corporate treasury diversification strategy of allocating a portion of the company's excess cash reserves to Bitcoin.”
Bitcoin could be a hedge against inflation, says CEO Pavloski
“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 cryptofriendly U.S. presidential administration and increased institutional adoption,” Chris Pavlovski, CEO and Chairman of Rumble, said:
The fact that it’s not “government issued,” The value of bitcoin would not decrease through “endless money-printing” It could also help to protect against inflation.
Pavlovski explained that Rumble’s management and general market conditions will determine when the Bitcoins are purchased.
The accumulation of bitcoins by companies has led to a rise in the share price of software makers like MicroStrategy. (MSTR), which is the world’s largest corporate token holder. The stock of MicroStrategy has risen by more than 500% in the past year. Rumble has seen its shares rise by almost 70% this year.
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