YouTube alternative Rumble has become the latest company to confirm plans to add Bitcoin to its balance sheet, just days after its CEO teased the idea on social media.
In a Nov. 25 statement, the video-sharing platform said its board of directors approved the strategy, allocating a portion of the company’s excess cash reserves to Bitcoin at the discretion of the company of up to $20 million.
According to Rumble, any purchases will also be “determined by management in its discretion and will depend on several factors,” such as the market conditions and price of Bitcoin (BTC).
Source: Chris Pavlovski
“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 crypto-friendly U.S. presidential administration and increased institutional adoption,” said Rumble chairman and CEO Chris Pavlovski.
“Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury,” he added.
Rumble said the allocation strategy could be suspended, discontinued or modified at any time for any reason.
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