Rumble Invests $20 Million in Bitcoin
Date: 2024-11-27 Author: Oliver Abernathy Categories: BUSINESS
The decision to invest was made by Rumble's board of directors after conducting a survey among users on the X social network. According to the voting results, 93.9% of the 43,790 respondents supported the idea of adding Bitcoin to the company's reserves. The exact date of the cryptocurrency purchase has not yet been determined. The decision will be influenced by factors such as the state of the cryptocurrency market, the current price of Bitcoin, and the company's financial needs.
Rumble CEO Chris Pawlowski noted that the company is seeing an increase in institutional interest in Bitcoin, which indicates the beginning of mass adoption of the cryptocurrency. He emphasized that Bitcoin, unlike fiat currencies, is protected from inflation due to its limited supply and the absence of uncontrolled emission.
The announcement of plans to invest in Bitcoin caused an increase in Rumble shares. The company's quotes (RUM) rose by 12.63% to reach $7.31. In the post-trading session, the growth continued, and the share price increased by another 5.47%, reaching $7.71.
This initiative demonstrates Rumble's desire not only to adapt to modern trends, but also to ensure the sustainability of its reserves by investing in the first cryptocurrency.
