A Canadian public firm Cypherpunk Holdings has chosen to invest in Bitcoin over other cryptocurrencies, reports news.Bitcoin.com. The company is said to have increased its crypto assets to 276,479 BTC. In addition to increasing its BTC investments, the firm liquidated its assets in other digital currencies such as Ethereum and Monero.
The price of Bitcoin has experienced a significant increase over the past few weeks. As a result, the company’s decision to invest in Bitcoin now translates into over $5 million in US dollars, according to the most recent price of the coin. Cypherpunk is a company trading under the name Khan Resources Inc. since 1995 until its name change in 2018.
As for the price of Bitcoin, it remains to be seen what the future holds. However, just over the past few months, the price of the cryptocurrency almost doubled. It reached a high of $19,850 on Monday and since then remained in the $19,000 zone.
During the pandemic, people have started giving less value to fiat currency. As a result, there is a possibility of Bitcoin to rise even higher. For instance, Cameron and Tyler Winklevoss believe that the cryptocurrency might even reach $500,000 in the future. Winklevoss brothers run a digital-currency exchange Gemini and are among bitcoin pioneers.