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According to an official announcement, the company is about to make an initial investment of $2 million in BTC and may add more in 2021. NexTech CEO, Evan Gappelberg, says the decision to invest in cryptocurrency is another step of capital diversification and allocation strategy with the intent "to maximize long-term value" for the company's shareholders.
"We think that as part of the digital transformation a paradigm shift to digital gold is underway and as Bitcoin is seen more and more as a store of value, just like gold, it will catch up to gold," Gappelberg added.
As iHodl previously reported, Mogo Inc., a Vancouver-based fintech mortgage loan company, also plans to invest up to $1.5 million in bitcoin. The investment is not final as the company considers another crypto purchases in 2021 monetize its $17 million investment portfolio.
According to an official press release, the purchase represents approximately 1.5% of Mogo’s total assets. Mogo President and Chief Financial Officer, Greg Feller, says the company is a strong believer in BTC as an asset class and believes this investment is "consistent with our goal to make bitcoin investing available to all Canadians."
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