- Hoth Therapeutics has allocated $1 million to Bitcoin, leveraging its inflation-hedging properties, joining other businesses in adopting Bitcoin as a store of value.
- High-profile figures and companies, including Robert F. Kennedy Jr., Michael Saylor, and Senator Lummis, continue to advocate for Bitcoin’s integration into traditional financial systems, signaling increasing institutional adoption.
A company focused on developing biopharmaceutical treatments, Hoth Therapeutics, has decided to allocate up to $1 million to Bitcoin. The board-approved move aims to capitalize on Bitcoin’s reputation as a hedge against inflation and a reliable store of value.
According to a previous CNF update, the Bitcoin bull run also included MicroStrategy’s $1.75 billion sale for BTC acquisitions. Additionally, in a recent tweet, Balaji encouraged the community,
I will take that bet.
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… https://t.co/hhPr522PQu pic.twitter.com/6Aav9KeJpe— Balaji (@balajis) March 17, 2023
On another hand, Hoth’s CEO, Robb Knie, pointed to Bitcoin’s resilience and growing mainstream acceptance as key factors in this strategic decision. The company’s approach echoes broader interest in Bitcoin among U.S. businesses following renewed market optimism.
Calls to Modernize U.S. Reserves with Bitcoin
Meanwhile, Robert F. Kennedy Jr., a prominent advocate for cryptocurrency, revealed he has invested a significant portion of his assets into Bitcoin, reinforcing its appeal as a long-term store of wealth. The push to integrate Bitcoin into traditional financial strategies extends beyond private companies.
Reiterating a previous event, Senator Cynthia Lummis recently proposed converting a portion of the U.S. Treasury’s gold reserves into Bitcoin, describing the idea as a way to maintain fiscal neutrality while modernizing national reserves.
Bitcoin Adoption Gains Corporate Traction
In the corporate sector, Bitcoin’s growing prominence is evident. Michael Saylor, chairman of MicroStrategy and a vocal supporter of Bitcoin, is planning a brief presentation to Microsoft’s board to advocate for integrating Bitcoin into the tech giant’s financial strategy.
With companies like Hoth Therapeutics and influential figures pushing Bitcoin adoption, the cryptocurrency continues to solidify its standing as a key player in modern finance.
At the time of the $1M Bitcoin Investment, according to CoinMarketCap data, Bitcoin (BTC) is trading at $97,566.20, having surged by 4.42% in the past day and 7.18% in the past week.
