The custody service BitGo said it holds Bitcoin on its balance worth $250 million (about 4,835 BTC at the time of writing). CoinDesk reports, citing BitGo CEO Mike Belshe.<\/p>\n
<\/p>\n
According to the chief executive, the custodian added digital gold to its balance in 2014. In the same year, BitGo launched a multisignature wallet for managing reserve assets.<\/p>\n
\n\u201cI strongly urge companies to invest in Bitcoin. I think the global pandemic has shown that interacting with digital assets stabilizes business rather than destabilizing,\u201d said Belshe.<\/p>\n<\/blockquote>\n
The head of the custody service said the decision was driven by a desire to align the interests of clients. He added that the development of the sector took longer than BitGo had expected.<\/p>\n
\n\u201cWhen a venture-capital-backed firm opens a position in something other than the US dollar, it is a highly contested decision. Investors would not have allowed us to invest in gold,\u201d noted Belshe.<\/p>\n<\/blockquote>\n
BitGo invested on the premise that, if Bitcoin\u2019s price collapsed to zero, the company would have reserves to operate for 24\u201336 months.<\/p>\n
In March, Citibank analysts said that the first cryptocurrency had reached a turning point<\/a> \u2014 it could either become a means of settlement in international trade, or endure a \u2018speculative explosion\u2019.<\/p>\n
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The custody service BitGo said that it holds Bitcoin on its balance worth $250 million (about 4,835 BTC at the time of writing). CoinDesk reports, citing BitGo CEO Mike Belshe.<\/p>\n","protected":false},"author":1,"featured_media":38266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,194,1156,52],"class_list":["post-38265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bitgo","tag-institutional-investors-and-whales","tag-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=38265"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38265\/revisions"}],"predecessor-version":[{"id":38267,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38265\/revisions\/38267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/38266"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=38265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=38265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=38265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}