NexTech To Buy $2million in Bitcoin with Treasury
Vancouver B.C., Canada - December 29, 2020 (Investorideas.com Newswire) NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a leading provider of virtual and augmented reality (AR) experience technologies and services for eCommerce, education, conferences and events today announced that it plans to make an initial investment of $2million in Bitcoin and may add more in 2021.
NexTech CEO, Evan Gappelberg comments, "Our investment in Bitcoin is part of our new capital diversification and allocation strategy with the intent to maximize long-term value for our shareholders." He continues, "This initial investment reflects our belief that Bitcoin is a long-term store of value and an attractive investment asset with more long-term appreciation potential than holding cash, which is currently yielding 0.06%. Bitcoin is a digital version of gold which has a total market capitalization of $10trillion versus Bitcoin's total market capitalization of only $500billion. We think that as part of the digital transformation a paradigm shift to digital gold is underway and as Bitcoin is seen more and more as a store of value, just like gold, it will catch up to gold."
In 2020 there has been a new and accelerating widespread adoption of Bitcoin by mainstream financial institutions such as; Guggenheim Partners $530million, Mass Mutual $100million, Square, Inc. (SQ) NYSE $50million and the $1billion investment by MicroStrategy NASDAQ: MSTR, the company feels that as the widespread adoption of Bitcoin continues, the timing is right for this move.
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