Influenced by MicroStrategy, the video platform Rumble announced on Monday that it will allocate part of its cash reserves to purchase up to 20 million dollars in Bitcoin. Upon the announcement, Rumble's stock price surged nearly 4% in after-hours trading.
Rumble Chairman and CEO Chris Pavlovski stated, 'We believe that the global adoption of Bitcoin has only just begun. Unlike government-issued currencies, the value of Bitcoin will not be eroded by endless money printing, making it an excellent hedge against inflation and a great complement to our cash reserves.'
He further noted, 'We look forward to strengthening our connection with the cryptocurrency community and solidifying our position as the preferred video and cloud service platform for the cryptocurrency community.'
This move puts Rumble in the camp of MicroStrategy, which has adopted an aggressive Bitcoin purchasing strategy since 2020, becoming a 'shadow stock' of Bitcoin, with its stock price skyrocketing over 500% this year. Other tech giants like Tesla and Block have also purchased Bitcoin, and this year, two small companies have followed suit, including Semler Scientific in May and Acurx Pharmaceuticals last week.
Rumble has gained favor with conservative users and is seen as an alternative to YouTube, and has always been considered closely linked to Donald Trump. With Trump's return to the White House, its stock price has also attracted attention. The platform went public in 2022 through a SPAC (Special Purpose Acquisition Company) led by Cantor Fitzgerald CEO Howard Lutnick.
Just last week, Howard Lutnick was nominated by Trump as the U.S. Secretary of Commerce, and his company recently finalized an investment of 600 million dollars in the stablecoin issuer Tether.
Rumble's stock price has risen nearly 63% this year, with a cumulative increase of 42% over the past year.
As for Bitcoin, it approached the 100,000 dollar mark earlier this month but has since fallen back to around 93,000 dollars as of this writing. However, the market still expects Bitcoin to break through the 100,000 dollar mark before the end of the year.
Does the video platform Rumble also want to buy Bitcoin? Michael Saylor strongly supports the response, 'Let me teach you.'
"The favorite video platform for Trump supporters is also getting in on it! Rumble plans to invest 20 million dollars to buy Bitcoin" was first published on (Blockchainer).
