Bitcoin investments are no longer the forte of only people in the crypto market as the scope has now widened beyond those in the sector. Even though crypto firms such as Microstrategy have led others in investing in the market, other firms in other sectors of the economy have also scored big funds into the venture. A Canadian firm headquartered in Regina, Condo Corporation, recently disclosed that it had invested 5 percent of its reserves in BTC to ensure self-sufficiency in the future. The company has also set aside some funds to be added to the current BTC investment.
The firm wants to invest in Bitcoin on a long term basis
The management is looking at a 10-year investment period. It’s now clear that multinationals are not the only entities buying BTC; many smaller companies have invested in the leading digital asset. It is now becoming widely accepted as a store of value and hedge against inflation. One of the firms that have recently joined the crypto market is Condominium Corporation from Canada, buying 0.4 BTC specifically for its reserves.
Also, the firm has allocated about $563 that would be paid every month into the investment. The firm hopes to continue investing in Bitcoin continuously while branding the investments indefinitely. In the released statement, the firm noted that the entire board of directors gave the go-ahead for the investment after they had a meeting some weeks back.
It pointed out that 5% of the cash in their reserve funds and their operating funds would deposit 6% into the Bitcoin investment. Even though the firm plans to continue investing on a long-term basis, they hope that their investments in Bitcoin would not mar their other investments.
The company wants to remove condominium fees from its resident’s payments
Thornton place hopes to use this avenue to the condominium fees that they charge residence of their places. Even though the Thornton house has this in mind, various entities have pointed out that it would not be feasible because volatility has always rocked the market. Anyways, Thornton place has said that even at that, it is still focused on its 10-year plan and wants to use the digital asset as a medium to accomplish its self-sustainability.
The company’s treasurer says that their investment is long terms because they hope to eliminate major risks associated with using digital assets. He noted that Bitcoin has been stable enough at this present time to allow them to invest in the digital asset. Bitcoin has fluctuated in price in the last few months, but that has brought about gains for investors, but this time around, the market is seeing losses.
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