Originally published on: November 25, 2024
Rumble, a popular alternative to YouTube, has announced a groundbreaking move to allocate up to $20 million to invest in Bitcoin. This decision comes shortly after CEO Chris Pavlovski hinted at the idea on social media.
The board of directors at Rumble recently approved this strategy, allowing the company to use a portion of its excess cash reserves to purchase Bitcoin. Pavlovski’s proposal was met with overwhelming support from the community, with 93.9% of respondents in favor of the move.
According to Rumble, the timing of the first Bitcoin purchase will be determined based on various factors, including market conditions, the price of Bitcoin, and the platform’s financial needs. Pavlovski emphasized the company’s belief in Bitcoin’s potential, particularly as an inflation hedge and strategic asset.
Aside from Rumble, several other companies have joined the trend of adding Bitcoin to their balance sheets. MicroStrategy leads the pack with over 331,200 Bitcoin, while other firms like MARA Holdings and Genius Group have also made significant investments in the cryptocurrency.
As news of Rumble’s Bitcoin investment spread, the company’s stock soared in after-hours trading, reflecting increasing investor interest in this strategic move. With a monthly user base of 67 million, Rumble’s decision to embrace cryptocurrency marks a significant shift in the digital landscape.
This bold move signals Rumble’s commitment to innovation and growth, positioning the platform as a frontrunner in the evolving world of digital assets. As Bitcoin continues to gain mainstream acceptance, Rumble’s foray into cryptocurrency investment paves the way for a new era of financial strategy and expansion.
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