Here is some detail on Rumble allocating some of its cash reserves to Bitcoin

You may have seen the overly excited headlines hitting on this from around the place … they came as Bitcoin was getting smashed lower so were best ignored.

However, its not bad news for the crypto and now that some of the excitement has worn off, some detail:

Rumble has announced a corporate treasury diversification strategy

• will include allocating up to US$20 million of excess cash reserves to Bitcoin
• part of the company’s expansion into cryptocurrency
• CEO Pavlovski cited Bitcoin’s potential as an inflation hedge and its increasing institutional adoption as key factors behind the decision
• timing and value of Bitcoin purchases will be determined based on market conditions, the price of BTC, and Rumble’s cash needs
• strategy can be modified or discontinued at any time

This article was written by Eamonn Sheridan at www.forexlive.com.