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BitGo Custodian Reveals $ 250 Million Investment in Bitcoin

The custodian service BitGo announced that it holds the first cryptocurrency on its balance sheet in the amount of $ 250 million (~ 4835 BTC at the rate at the time of writing). This is reported by CoinDesk with reference to BitGo CEO Mike Belshe.

According to the CEO, the custodian added digital gold to its balance sheet in 2014. In the same year, BitGo launched a multi-signature wallet for managing reserve assets.

“I highly recommend companies invest in bitcoin. I think the global pandemic has shown that interacting with digital assets stabilizes business, not destabilizes, ”Belshe said.

The head of the custodian service said that the decision was due to the company’s desire to meet the interests of customers. He added that the industry took longer than expected at BitGo.

“When a venture-backed firm takes a position in something other than the US dollar, it’s a very controversial decision. Investors would not allow us to invest in gold, ”Belshe said.

BitGo invested with the expectation that if the bitcoin price collapsed to zero, the company would have enough reserves to work for 24-36 months.

We will remind, on March 1, Citibank analysts said that the first cryptocurrency came to a turning point – it can either become a means of settlement in international trade, or survive a “speculative explosion”.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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