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NexTech AR will buy $ 2 million in Bitcoin with reserves

Canada-based augmented reality provider NexTech AR Solutions will raise $ 2 million in Bitcoin, according to a press release published on December 29.

NexTech AR Solutions is the only pure AR company listed on the OTCQB over-the-counter market in the United States. Its shares are also changing hands on the Canadian Securities Exchange at $ 6.52 CAD each.

In 2021, NexTech is determined to put an even bigger part of its treasure in Bitcoin. Its CEO, Evan Gappelberg, says that the bet on cryptocurrency is part of his new capital diversification strategy:

Our investment in Bitcoin is part of our new capital diversification and allocation strategy with the intention of maximizing the long-term value for our shareholders.

The company offers AR-based solutions for immersive 3D shopping that includes creating apps, organizing videoconferences and promotional campaigns for entertainment, as well as education and commerce. While the idea may sound too futuristic, commercial retail giants like IKEA are already embracing the technology.

A paradigm shift

Gappelberg recognizes Bitcoin as a long-term store of value that he hopes to reach with the long-term gold market capitalization:

This initial investment reflects our belief that Bitcoin is a long-term value reserve and an attractive investment asset with greater long-term appreciation potential than cash retention, which currently yields 0.06%. Bitcoin is a digital version of gold that has a total market capitalization of $ 10 trillion against the total Bitcoin market capitalization of just $ 500 billion. We believe that, as part of the digital transformation, a paradigm shift towards digital gold is underway and, as Bitcoin is increasingly seen as a store of value, just like gold, it will overtake gold.

Public companies that invest in Bitcoin to protect themselves against inflation have been one of the biggest stories of 2020. Square, MicroStrategy and a number of smaller companies have already turned to the flagship cryptocurrency, setting a new trend in motion.

More than $ 21.8 billion in Bitcoin is currently owned by corporate treasuries.

Bitcoin Treasuries

Image of bitcointreasuries.org

The NexTech press release also cites financial consulting firm Guggenheim Partners and insurance giant Mass Mutual as companies that are accelerating the institutional adoption of the world’s largest cryptocurrency.

Source: U. Today

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