Recently Meitu made another purchase of 175 Bitcoins, and that made their total holdings in Bitcoin and Ethereum to $100 million. In terms of their size, this is quite a substantial investment in crypto. And this also shows that even smaller companies are ready to take some risk in order to have higher returns. Do note that, unlike most companies, Meitu holds more than 50% of their crypto assets in Ethereum. Presumably, the company thinks that Ethereum has a higher growth capacity than Bitcoin.
The latest Bitcoin purchase by Meitu
Meitu had made two other investments in crypto in the past. Both were made in the 1st and 3rd week of March. On the 1st week of March, Meitu purchased 15,000 Ethereum coins and $379.12 Bitcoins for a total of $40 million. At that time, only they made it very clear that they plan to invest $100 million in total. And just a week later, Meitu invested another $50 million in crypto. This time they purchased 16,000 Ethereum coins and 386.086 Bitcoins. At the time, the total holdings of Ethereum were $50.4 million, and that of Bitcoin was $39.5 million.
So, the latest purchase of $10 million in Bitcoins has made the investments in Bitcoin and Ethereum almost equal. However, we should note that the investment in ETH is still ever-slightly higher. On the announcement of the purchase, Meitu said that they made the transaction in the open market.
Bitcoin smashes $60k with a flurry of investments.
Just while I was writing this article, Bitcoin smashed through the $60k price point. So, yeah, why not talk about it? Cool! The number of investments that Bitcoin has seen in the past few weeks has magnificently shown in its price. The curreny was struggling hard to break through the $60k price barrier, but now it finally did. People have started to treat Bitcoin as an alternative to gold, and we see why. When Bitcoin crosses the $500k mark, all of it will be more than all of the gold. And the point is; this price target is not very far away. Maybe a year or two, and we will be there.
Even Mietu thinks that the feature that Bitcoin offers makes it not only an alternative to gold but a better one. The ease with which it could be transacted and use for making payments. Unlike gold which will need a lot of security and transportation cost to send from one place to another, Bitcoin will literally charge only a minute transaction fee and could be sent over in a few seconds. With the increase in the number of companies investing in Bitcoin, we will see more innovation in the sector. Yeah, this is because there are many ways blockchain tech can be implemented; we just need to use those.
What are your thoughts on Meitu’s investment in Bitcoin and Ethereum? And do you think they should purchase more? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: RIOT purchased a Bitcoin mining site in Texas for $650 million.
