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A Move to Protect Against Inflation
Hoth Therapeutics, a company focused on developing treatments, has made the decision to invest $1 million of its funds into Bitcoin (BTC). The goal is to use Bitcoin as a safeguard against inflation and as a reliable store of value.
This decision comes as more companies are starting to recognize Bitcoin’s potential, especially as interest in the cryptocurrency has grown, particularly with the re-election of former U.S. President Donald Trump.
Why Bitcoin?
Bitcoin has become a popular option for companies looking to protect their finances from inflation. Some even see it as a safer, long-term asset than traditional forms of money. For example, Senator Cynthia Lummis has suggested that the U.S. government should consider converting part of its gold reserves into Bitcoin.
Robb Knie, CEO of Hoth Therapeutics, explained that the company’s decision was influenced by the increased attention Bitcoin is getting from investors and the approval of Bitcoin exchange-traded funds (ETFs), which have made it easier for companies to invest in crypto.
“We see Bitcoin as a strong option to protect against inflation,” Knie said in a statement.
Growing Support for Bitcoin
Other politicians and public figures, like Robert F. Kennedy Jr., are also showing support for Bitcoin. Kennedy recently revealed that he has invested a large portion of his personal wealth in the cryptocurrency.
On top of that, Michael Saylor of MicroStrategy is working to convince major companies, like Microsoft, to consider Bitcoin as a valuable investment, which further highlights how Bitcoin is becoming a more mainstream financial tool.
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