Reshab AgarwalJust a while back, Meitu bought Bitcoins and Etherum worth about $40 million. In this, 15,000 were Ethereum worth around $22 million, and the rest was Bitcoins. Now the company has further invested in the cryptocurreny market. And this time around, they invested $50 million, bringing their total investment amount to $90 million. It seems that the Chinese app will now be dedicatedly investing in crypto from here on.
Meitu’s crypto investment
When the last investment was made, the company showed its interest in investing $60 million more in crypto. And in just two weeks, the company has invested another $50 million in cryptocurreny. This latest investment by the company was again divided between Ethereum and Bitcoin. Meitu purchased $16,000 Ethreum coins and $386.086 bitcoins through its subsidiary company, Miracle Vision.
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Now the company has $50,4 million worth Ethereium and $39.5 million Bitcoin under its belt. And unlike other companies, Meitu made this investment in the open market on 17th March Wednesday. This latest investment shows the growing interest in cryptocurrency in small and big companies. And we can soon expect another $10 million investment from Meitu in the same.
Meitu believes in crypto.
Even the company’s chairman is a believer in the future of cryptocurreny. In 2018, he purchased 10,000 Bitcoins personally, and his interest also shows in the company’s latest investment decision. The company believes that cryptocurrencies are going to disrupt the financial industry in a way that mobile internet did the computer internet market back in 2005. And unlike other companies that invest only in Bitcoin, Meitu has shown interest in more than one coin. In fact, more then half of its investment went to Ethereum.
All this is adding up to the constant price increase of Bitcoin. Every time it falls, companies buy more and push the price back again. Let’s see how soon we reach the $100k price point and eventually overtake gold as the most valuable asset globally.
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