Private financial and investing advice company, The Motley Fool has announced that it will purchase $5 million worth of bitcoin (BTC) as part of its 10x campaign.
The company previously announced a new service called the “Motley Fool Discovery 10x.” The service is aimed at selecting stocks with the potential to yield a 10x return. It also hinted at the possibility of adding cryptocurrency to its portfolio.
The financial advisory has now confirmed that it will invest $5 million in bitcoin. It says it will add the foremost digital asset to its portfolio before buying and adding $5 million to its balance sheet. It also advised its members to do likewise.
Alongside bitcoin, The Motley Fool believes that 39 other stocks can deliver a ten times return on its investment in the next ten to fifteen years.
The company cited reasons for its separate investment in bitcoin. It thinks that bitcoin is a better long-term store of value than gold. Another notable reason is bitcoin’s perception as a hedge against inflation.
Should the price stabilize in the future, the digital asset may become a popular means of exchange.
Mega Corps Also Betting Big on Bitcoin
Institutional bitcoin adoption is on the rise. And business intelligence firm MicroStrategy and its founder Michael Saylor have played a major role in this outcome.
Saylor believes that corporations holding cash reserves are “unwise.” His company has since adopted bitcoin as a treasury reserve asset, and he is rather religiously recruiting other top companies to do likewise. His “Bitcoin for Corporations” event is a great example of this.
On Feb. 16, MicroStrategy announced that it would be purchasing additional bitcoins from the proceeds of another private offering. Tesla also joined in on the action. The electric vehicle company announced through an SEC filing that it had purchased $1.5 billion in bitcoin.
With bitcoin breaking new highs and the Federal Reserve churning out more paper currency than ever, bitcoin evangelists are likely smiling from ear to ear.
More corporations are now buying bitcoin directly or through digital asset management companies like Grayscale. Grayscale reportedly accounts for the majority of institutional investors’ bitcoin holdings. Its Bitcoin Trust is currently the largest in the world. It added about 150% more BTC to its stash compared with the total BTC mined in January.
BeInCrypto reached out to The Motley Fool for further comment but received no word at press time.