Sichuan fans' favorite platform! Rumble wants to spend 20 million euros to buy BTC. How high will it rise by the end of the year?

Influenced by MicroStrategy, the video platform Rumble announced on Monday that it will invest a portion of its cash reserves to purchase up to 2 million dollars’ worth of BTC. Upon the news, Rumble’s stock price surged nearly 4% in after-hours trading.

Rumble Chairman and CEO Chris Pavlovski said, “We believe that the global popularization of Bitcoin is just beginning. Unlike government issuance of currency, the value of Bitcoin will not be depreciated by endless printing, making it an excellent supplement to our fund reserves as a hedging tool against inflation.”

He further pointed out, ‘We look forward to strengthening our connection with the cryptocurrency community and consolidating our position as the preferred video and cloud service platform for the cryptocurrency community.’

This move has brought Rumble into MicroStrategy’s camp, the latter has adopted an aggressive BTC buying strategy since 2020 and has become the ‘shadow stock’ of BTC, with a stock price big pump of over 500% this year. Other tech giants like TSL (Tesla) and Block have also purchased BTC, and two small companies have followed suit this year, including Semler Scientific in May and Acurx Pharmaceuticals last week.

Rumble, favored by conservative users as an alternative to YouTube, has long been seen as closely associated with Donald Trump. With Trump’s return to the White House, its stock price has also been followed closely. The platform went public in 2022 through a SPAC (Special Purpose Acquisition Company) led by Cantor Fitzgerald CEO Howard Lutnick.

Just last week, Howard Lutnick was nominated by Trump as the U.S. Secretary of Commerce, and his company also recently finalized a $600 million investment in stable coin USDT issuer Tether.

Rumble’s stock price has risen nearly 63% this year, with a cumulative increase of 42% over the past year.

As for BTC, earlier this month it approached the $100,000 mark, but as of writing, it has fallen back to around $93,000. However, the market still expects BTC to break the $100,000 mark before the end of the year.

[Disclaimer] There are risks in the market, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are appropriate for their specific circumstances. Invest at your own risk.

This article is authorized for reprinting from: ‘Blockchain Magazine’

‘Sichuan noodle’s favorite platform! Rumble is going to spend 20 million pounds to buy Bitcoin, where will it rise by the end of the year?’ This article was first published in ‘encryption city’.