December 9, 2022
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Rumors suggest that Alibaba bought $ 20 billion in Bitcoin

New giants coming to BTC

The moon on the first day of the second quarter of the year is revealed on a high note for the cryptocurrency community. Bitcoin started to correct losses as it heads for a new $ 60,000 price test, while Ethereum closed the month of April above $ 2,800, encouraging investors to pay attention to the asset as it moves towards the long-awaited $ 3,000 price mark.

BTC / USD chart by TradingView

All of these market moves are optimistic for the community, but bitcoiners are taking it even further while keeping their fingers crossed for when the China-based e-commerce company Alibaba finally announces its official purchase of Bitcoin, which rumors claim be $ 20 billion.

Did Alibaba really spend $ 20 billion on Bitcoin?

The rumor on the streets of crypto Twitter is that the e-commerce giant has accumulated a good amount of Bitcoin for its company. Fair sharing because it would be right for Alibaba to join its peers globally in the race for Bitcoin ownership before the market started to register institutional congestion. Rumors are coming after the company’s announcement that its earnings report for the first quarter of 2021 will hit the market on May 13.

Alibaba Group Holding Limited has revealed that before the US market reopens on May 13, 2021, which is on a Thursday, it will announce its first quarter financial results. A conference call where financial results will be discussed should precede the results to be released on the same day, at 7:30 pm, Hong Kong time.

Like all other quarterly financial reports, it will include significant total numbers that reflect the company’s growth during the first period of the year. Members of the cryptocurrency community expect the company to list their Bitcoin returns, that is, if the rumors are true and the purchase was made much earlier.

No official sources have verified or criticized the rumors, but the main players in the Bitcoin community had a few things to say.

“I heard a rumor that Alibaba is buying $ 20 billion in BTC,” asked blockchain enthusiast Nikita Sachdev. Ran Neuner of CNBC also tweeted which could be interesting, since he insinuated that the rumors were true.

“USA: Tesla buys $ 1.5 billion in Bitcoin. China: Alibaba, hold my beer. ” He wrote.

It is possible that Alibaba bought some Bitcoin, although its president, Jack Ma, labeled the asset as a bubble. As we saw earlier, companies like JPMorgan and many other traditional companies offer Bitcoin services to their customers, while their leaders have been pessimistic or asset neutral.

Source: ZyCrypto

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