Video-sharing platform Rumble announced a $17.1 million Bitcoin purchase as part of its investment strategy, following Donald Trump's victory in the US presidential election in November.
Rumble's Investment Strategy
As announced on March 12, Rumble added 188 Bitcoin to its treasury. The purchase was described as a hedge against inflation and part of the company's strategy to deepen its ties with the crypto industry. CEO Chris Pavlovski's social posts also indicated support for US President Donald Trump's cryptocurrency policies.
US Government's Crypto Initiatives
Since January 20, the Trump administration has strengthened ties with the crypto industry through executive actions and policies. The US Securities and Exchange Commission announced it would drop investigations against many crypto firms. The President also hosted a summit with crypto executives to discuss the creation of a national Bitcoin reserve.
Impact on Market and Industry
With Bitcoin on its balance sheet, Rumble joins a list of companies entering the crypto industry following the November election. Since the announcement, Rumble's stock has fallen roughly 34% since January 1.
Rumble's Bitcoin purchase and the US government's initiatives signal increased interest in cryptocurrencies, potentially leading to changes in both the market and industry regulations.
