Popular American online financial advisory company, Motley Fool recently disclosed it was investing $5 million in the world’s most popular cryptocurrency in the coming weeks using the firm’s fund.
Motley Fool, popularly known for its stock research, online subscription services with investing recommendations also disclosed it was using the flagship crypto for wealth preservation over the long term, knowing fully well that Bitcoin has gained more than 740% in the last year.
What this means: The financial online subscription-based company also highlighted the major reasons, via Twitter, why it was investing in the fast-becoming safe-haven asset,
“We believe it will store value more effectively than gold over the long term.
“We believe it may become a medium for transactions, as/if pricing stabilizes in the decade ahead.
“We believe it can act as a productive hedge against inflation,” Motley Fool stated.
At the time of writing this report, Bitcoin was trading at $57,639.40 with a daily trading volume of $56.5 Bitcoin. The flagship crypto is up 0.61% for the day.
This comes as no surprise to many crypto pundits, as of late, the flagship crypto has gotten more endorsement in recent weeks from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin. Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.
PayPal and the world’s largest asset fund manager, BlackRock have also made big moves to support crypto.
In addition, Motley Fool further added that it was fully aware of the risk involved holding in the short term, due to its susceptibility to high volatility, as the American financial company planned to invest it in the long term.