A Dubai-based PR firm invests 75% of its cash in Bitcoin.
Falcon Corporate Services joins a growing list of companies.
Dubai-based Falcon Corporate Services converted part of its cash into Bitcoin (BTC).
Dubai company buys BTC
The acquisition was made through BCB Treasury , this service aims to help companies buy and store BTC and other cryptocurrencies on their balance sheets.
Oliver von Landsberg-Sadie, director of BCB, said Falcon Corporate Services had become the first customer of the new service, adding that the allocation was „several million dollars“.
MicroStrategy CEO Michael Saylor has previously said Bitcoin is the most attractive asset to invest in amid the economic uncertainty caused by the coronavirus pandemic.
“If we wanted to avoid volatility, we could keep our cash , but we were 90% certain to lose 75% of our value over 10 years, that’s true. Volatility is the price to pay for appreciation ”.
Some experts attribute the positive dynamics of Bitcoin to global events this year, which include the economic uncertainty caused by the coronavirus pandemic, the negative rates charged on money deposits by some banks and the policy of central banks, based on monetary creation and debt redemption.
This results in a growing interest of individuals, but also of companies for a deflationary asset.