Guess what, folks! A not-so-famous crypto company is making waves by betting on Bitcoin to fend off Canadian dollar depreciation. That's right, Matador Technologies, hailing from the land of maple syrup, is shaking things up big time!
This week, the company's Board of Directors gave a unanimous thumbs-up to a bold new game plan: adding Bitcoin and USD assets to their corporate treasure chest. Why, you ask? Well, it's all about dodging the risks that come with relying heavily on Canadian dollars. They're diversifying like never before!
Matador is a bit wary about Canada's love affair with oil exports and the country's ballooning national debt. They fear these factors could lead to the Canadian dollar losing its oomph. And who wants that? So, come December 2024, they're diving in with a cool $4.5 million investment in Bitcoin. But that's not all – they're eyeing more through some savvy buying moves. Oh, and they're also planning to swap a chunk of their cash reserves from CAD to USD. Talk about a makeover!
The folks at Matador are all in on Bitcoin as a trusty long-term value vault, especially since big players around the globe are keen on it too. It's part of a broader trend of companies hedging against currency woes and looking beyond traditional financial assets like bonds.
But wait, there's more! Matador's latest move is set to give their digital gold platform a turbo boost. This platform allows users to trade digital gold backed by the Royal Canadian Mint's reserves. They picked Bitcoin because it's rock-solid, secure, and is catching the eye of institutions everywhere. It's the perfect foundation for their project, or so they say.
Sunny Ray, Matador's President, is all about future-proofing their treasury with Bitcoin. He believes it's a step towards using Bitcoin for their gold-based products too.
And it's not just Matador joining the Bitcoin party. Big names like MicroStrategy and Metaplanet are stacking up their Bitcoin stash, while others are hopping on the bandwagon too.
Recent research shows Bitcoin's institutional adoption is skyrocketing. Bitcoin holdings have soared to 31% of the total supply, with MicroStrategy leading the pack with a whopping 440,000 BTC, valued at over $46 billion. Meanwhile, ETFs are raking in the cash, and countries like the US, China, and El Salvador are holding onto significant reserves. Collectively, governments have 2.45% of Bitcoin's circulation, almost $49.36 billion worth!
But wait, there's a twist in the tale! Even some US states, including Ohio, Pennsylvania, and Texas, are flirting with the idea of Bitcoin reserves as a way to safeguard public funds and keep up with the ever-evolving financial landscape.
So, there you have it, folks! Matador Technologies is making waves and shaking things up in the crypto world. Keep an eye on them; they might just set a trend!
