Chinese firms now seem to be following American corporates so that they don’t miss out on the Bitcoin (BTC) train. In the latest development, China’s video and image processing software firm Meitu has announced its latest investment in Bitcoin (BTC) and Ethereum (ETH).
As per the Bloomberg report, on Sunday, March 7, Meitu announced $40 million in total – buying 379.1 Bitcoins for $17.9 million and 15,000 units of Ether for $22.1 million. Reportedly, this investment is just a fraction of the company’s plan to put $100 million of its cash reserves in cryptocurrencies as part of portfolio diversification.
However, as it appears that Meitu is the first Chinese firm to officially declare its Bitcoin (BTC) investment, Binance CEO Changpeng Zhao stated that many other Asian companies have already invested in Bitcoin.
But with strong regulatory measures and crypto bans in some part, not many are openly vocal about it, he hints.
I know many asian companies own #bitcoin already. They are just not very public about it.
— CZ Binance (@cz_binance) March 7, 2021
No other public listed Asian firm has openly announced its intention to investing in Bitcoin (BTC) yet. Meitu chairman Cai Wensheng has been a long-term crypto enthusiast and has been exploring blockchain technology for some period.
Corporates Warming Up to Bitcoin (BTC) and Ethereum (ETH) Investments
American corporates have been eager to put their balance sheet on Bitcoin amid fears of rising inflation and USD currency devaluation. Top ten companies like Tesla have already announced $1.5 billion exposure to Bitcoin.
Now, with Meitu …
Story continues on CoinGape