Canadian Public Company Dumps Ethereum and Monero for Bitcoin
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I'll start off by saying that bitcoin's bullish nature has drawn a huge traffic, bringing a lot of eyes to itself. Investors are talking about it, the governments are worrying over it, literally everyone knows of it! Bitcoin ATH has had a massive impact in the world of finance, creating room for everyone to acquire wealth by buying up the coin.
A Canadian publicly held company has liquidated all of its ethereum and monero holdings and put all of the proceeds into bitcoin. The company is led by a well-known poker player and former member of the European Parliament.
Cypherpunk Dumps Monero and Ethereum for Bitcoin
Cypherpunk Holdings, a Toronto-headquartered company listed on the Canadian Securities Exchange (CSE), announced Thursday that it has increased its bitcoin holdings to 276.479 bitcoins. At the current price, the company now holds about $5 million USD in bitcoin. Cypherpunk Holdings added that this is a net increase since June 30 of 72.979 bitcoins, elaborating:
Don't Know How exactly this liquidation affects Ethereum and Monero prices, prolly has little of no effect on them, because looking at Ethereum current price which hangs at $563.04 with 0.38% increase rate, I'd say it still has a firm stand and not in anyway shakened by this dump.
While on the other hand Monero is on a run to break it's ATH at $200 while hanging at $140.25 with a percentage increase of +8.4% And judging from the coin and token performance, I tend to see a great resistance to all this
The increase in bitcoin holdings is a result of the full liquidation of positions in monero (XMR) and ethereum (ETH) as well as the partial use of proceeds from a private placement of $505,000 CAD that closed on August 27th, 2020Inc
Founded in 1995, Cypherpunk Holdings was formerly known as Khan Resources Inc. but the company changed its name in November 2018. Cypherpunk invests in cryptocurrencies and privacy technologies and is listed on the CSE under the ticker HODL. CEO Antanas Guoga, or Tony G, is a well known high stakes poker player and former member of the European Parliament. He founded the Blockchain Centre in Vilnius, Lithuania, in 2018.
The Canadian company believes much more in Bitcoin, believing in a greater growth that would lead to a massive profit on his HODLs. Truly Bitcoin has greater heights to attain and that is what everyone anticipates. It would be of great benefit for the ALTcoins and Crypto blockchain as a whole. Cypherpunk investment step has put a lot of questions in my mind, does it mean Ethereum may tackle some difficulties in future? Does that apply to Monero coin as well? Monero coin has been one of the most recommended Cryptocurrency to buy and invest, could it just be a flawless investment choice?
Oh well, Cypherpunk Holdings joins a growing list of major companies with a treasury position in bitcoin such as the Nasdaq-listed Microstrategy and Jack Dorsey’s Square Inc.
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