On Tuesday (December 29), Canadian firm NexTech AR Solutions Inc., which is “a leading provider of virtual and augmented reality (AR) experience technologies and services”, announced that it “plans to make an initial investment of $2million in Bitcoin and may add more in 2021.”
According to the company’s press release, as NexTech has watched the rapid growth in institutional adoption of Bitcoin in 2020 by mainstream financial companies such as MicroStrategy, Square, and MassMutual, it has come to the conclusion that “the timing is right for this move.”
NexTech CEO Evan Gappelberg had this to say:
“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.
“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.”
