Bitcoin is “Far Superior Savings Tech” Says Snappa CEO, Accumulating BTC

Share Article
In Brief
  • Another company has admitted to holding bitcoin reserves as a hedge against economic uncertainty.

  • The Snappa CEO says bitcoin is a far superior savings technology than anything before it.

  • The firm joins others in converting part of their assets to bitcoin in response to recent economic policy.

  • promo

    Want to learn how to trade? Get a beginners guide from _BeInCrypto Academy_ now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Christopher Gimmer, the CEO of graphic design company Snappa, says the firm has been accumulating bitcoin since March.

Snappa joins a handful of other companies who have realized the importance of the fixed-supply asset in an uncertain macro climate.

The rampant money creation that’s gone into overdrive, thanks to the coronavirus, may be promoting the alpha crypto. Several companies have cited fears around extreme fiat devaluation as an influencing factor.

Snappa the Latest Company to Go ‘Down the Rabbit Hole’

Gimmer says that he has spent “hundreds of hours” researching bitcoin. In a recent post on his personal website, he made it clear that he has done his homework on the emerging safe-haven asset.

After claiming that Snappa has been investing in bitcoin since early March, Gimmer explains that falling interest rates earlier this year and monetary policies during the pandemic influenced the decision. He goes on to justify the firm’s interest in bitcoin.

Gimmer dives right in with a history of money, citing Nick Szabo’s essay ‘Shelling Out’ when explaining fiat currency as a historical anomaly. He also name-checks Vijay Boyapati’s ‘The Bullish Case for Bitcoin’, as well as PlanB’s popular stock-to-flow model for valuing bitcoin.

The Snappa CEO carefully acknowledges the risks too. He mentions price volatility in the short-term, regulatory risks, and protocol-level threats.

Ultimately, he believes that bitcoin is a “far superior savings technology” to anything humans have known before. Snappa forms part of a growing number of companies who appear to believe this.

Herd of Bitcoin Bulls Growing?

Snappa is the latest company to admit to holding bitcoin reserves as a hedge against inflating fiat currencies. This month alone, BeInCrypto reported on two similar stories.

Nasdaq-listed Microstrategy recently admitted to taking a position of more 20,000 BTC. Michael J Saylor, the company’s CEO stated that Bitcoin is “an attractive store of value.” Like Gimmer, he too mentioned the current macro-economic climate as influencing the company’s purchase.

Less than a week later, Canadian restaurant chain Tahini’s converted its entire cash reserves to bitcoin. In a Twitter thread, the company reasoned that bitcoin is a “true free savings technology”, before also highlighting the risks of holding cash.

Earlier this year, legendary investor Paul Tudor Jones admitted that he had purchased a substantial amount of bitcoin. The famous hedge fund manager reportedly now has between one and two percent of his net worth in the leading digital currency.

Many have viewed bitcoin as nothing other than an asset for the criminal underworld. The latest acknowledgement by major companies and investors may be shifting the tides in sentiment. Will others follow suit?


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

Follow Author

Trade with the Best Crypto Signals - guaranteed profits with over 70% accuracy

Join now

Want to learn how to trade? Get a beginners guide from BeInCrypto Academy!

Learn now

Bybit Bonus Bash. $1,000 Bonus to be Won!

Join now