NexTech will buy $2 million worth of bitcoins

Canadian Securities Exchange (CSE)-listed NexTech AR Solutions announced a $2 million bitcoin purchase as part of its diversification and capital allocation strategy.

NexTech stressed that its investments in the cryptocurrency will continue into 2021. According to company head Evan Happelberg, bitcoin is an attractive asset with great long-term growth potential.

„Dollar deposits are currently yielding only 0.06%,“ commented NexTech’s CEO.

The head of NexTech is a proponent of the „bitcoin is digital gold“ concept.

„We think there is a paradigm shift within the digital transformation. Bitcoin is increasingly seen as a savings vehicle and it will catch up with gold,“ said Happelberg.

The total market capitalization of gold is $10 trillion, while bitcoin is about $500 billion. If figures equalize, 1 BTC will cost about $500,000.

To recap, on December 21 MicroStrategy bought 29,646 additional BTC, increasing assets in the cryptocurrency to $1.6 billion.

Earlier Chainalysis analysts estimated that 60% of all issued bitcoins are stored as digital gold.