Various big financial firms have already acknowledged the worth of Bitcoin and have made investments in the leading digital currency. Now, after looking at the potential bullish rally of the primary cryptocurrency in the month of December, many more financial institutions are expected to build exposure to the world’s largest digital currency by market value. Some of them are even ready to invest in Bitcoin.
Mogo, a financial tech firm based in Canada is planning on making an investment in the first-ranked digital currency. As reported by Business Wire, the firm intends to allocate around 1.5 percent of its total assets’ portfolio in Bitcoin. The firm said that it intends to make a corporate investment of more than $1 million in the top digital asset. While revealing its plans in the announcement, the company also said that it plans to increase its exposure to Bitcoin by purchasing an additional amount of BTC by the beginning of the next year.
Greg Feller, the CFO and President of Mogo said that they strongly believe in Bitcoin and consider it an asset class. He said that their plan is to make BTC investing accessible to all of the citizens of Canada and this investment in bitcoin will help the company to accomplish its goal. As Feller said:
“We are strong believers in bitcoin as an asset class and believe this investment is consistent with our goal to make bitcoin investing available to all Canadians. In addition, we believe bitcoin represents an attractive investment for our shareholders with significant long-term potential as its adoption continues to grow globally.”
Adding more to his comments, Feller said, “we are well-positioned to capitalize on the fast-growing demand for bitcoin.”
Institutions and corporations are continuously building exposure to Bitcoin. It started with the business intelligence firm MicroStrategy that has purchased a massive amount of Bitcoin so far. Now, many other financial firms have also stepped into Bitcoin.
Due to this growing mainstream acceptance and rising demand from institutional investors for Bitcoin, the coin has posted a rally of more than 200 percent so far this year. The price value of BTC has even broken above the price figure of $28,000 to make a new all-time high.