As a seasoned analyst with over two decades of experience in the financial industry, I’ve seen my fair share of trends and shifts. However, the recent move by Hoth Therapeutics to allocate up to $1 million towards Bitcoin is particularly intriguing.
Hoth Therapeutics, a pharmaceutical firm in its clinical stage, plans to invest as much as one million dollars into Bitcoin. The goal is to capitalize on Bitcoin’s possible role as a safe-haven asset and protect their funds from the effects of inflation.
The company’s board gave its approval for this action, which mirrors an increasing pattern observed in U.S. companies due to the resurgence of interest in Bitcoin (BTC) after Donald Trump won his second term as President.
This development mirrors Senator Cynthia Lummis’ recent suggestions for the U.S. Treasury Department to explore transforming a portion of their gold holdings into Bitcoin.
From my perspective as an analyst, I’m seeing a growing number of institutions acknowledging Bitcoin’s unique resistance to inflation. Integrating Bitcoin into their strategic reserves could potentially solidify its position within contemporary finance, further underscoring its significance and potential long-term impact.
Hoth BTC allocation
According to a recent press statement by Hoth Therapeutics, growing “interest and endorsement from investors” is crucial for Bitcoin’s ongoing expansion and its function as a potential store of value.
According to Robb Knie, CEO of Hoth, the authorization of Bitcoin exchange-traded funds (ETFs) and increased market activity have influenced their decision to incorporate Bitcoin into their treasury strategy.
He stated, “Its resistance to inflation might make it a dependable form of storing value for practical use.
Lummis pushes for BTC reserve
On November 14th, Lummis proposed to Bloomberg that the U.S. Treasury Department should transform over 8,000 tonnes of its gold reserves into Bitcoin, thereby creating a strategic digital currency reserve.
Earlier, the Senator from Wyoming advocated that some of the Treasury’s assets be changed into the leading digital currency, without specifying exactly which investments should be liquidated.
Instead of buying Bitcoin at current market rates, she clarified that the U.S. government’s financial position would remain unchanged during the conversion process, rather than going into debt.
Previously recognized presidential contender Robert F. Kennedy Jr. has expressed support for Bitcoin, affirming on November 16th that he has wholeheartedly invested in it, having put “the majority” of his financial resources into this digital currency.
MicroStrategy pushes Microsoft to BTC
On November 19th, Michael Saylor, Chair of publicly held company MicroStrategy, disclosed that he would present a brief, three-minute argument to Microsoft’s board regarding the potential investment in Bitcoin.
Saylor clarified that an “advocate” had prepared a suggestion for the CEO to bring before Microsoft’s directors, allowing him only a brief three-minute span to deliver his address.
Previously, the CEO of MicroStrategy suggested a private conversation with Satya Nadella, the head of Microsoft, to discuss a certain matter. However, this proposal was not accepted.
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2024-11-20 16:57