The financial and investment advisory giant The Motley Fool revealed that it is all set to add $5 million of Bitcoin to its own balance sheet as part of its real-money 10X portfolio.
According to the announcement on the 18th of Feb, it also plans to hold the cryptocurrency purchase for several years.
In a series of tweets, the firm asserted that it believes Bitcoin would store value more effectively than gold over the long term. It opined that Bitcoin might become a medium of transactions when its “price stabilizes in a decade”.
Motley also said that it could be a productive hedge against inflation.
The Motley Fool’s tweet read,
“Since we’re focused on the long-term opportunity, we don’t worry much about the volatility in the short term. We plan to hold this Bitcoin investment for many years and we’ll wait for all of our members in our new 10X service to be able to buy before we do.”
The firm had previously confirmed that it won’t be buying “overpriced ETFs” but will be “buying Bitcoin directly”. Not just that, it also asked its readers to buy the cryptocurrency.
The Motley Fool Was Not always a Big Fan of Bitcoin
It has been critical of Bitcoin and the cryptocurrency industry by extension.
The latest news comes as institutions continued to pour capital into space. Firms such as Tesla and MicroStrategy have also upped their game by making multi-million dollar Bitcoin investments in the recent weeks.
And the move by The Motley Fool is crucial because the firm happens to be one of the most popular financial advice companies that have been in operation since 1993.
It can safely said that Bitcoin continues to win over more corporate endorsements.
These are signs of a widening embrace across the financial services industry that has managed to send the flagship cryptocurrency to new heights even as it still remains lightly regulated and controversial among policymakers.