Rumble embraces Trump-era crypto strategy with $17M BTC purchase

Video-sharing level Rumble says it had purchased much than $17 cardinal worthy of Bitcoin arsenic portion of a antecedently announced concern strategy.

In a March 12 notice, Rumble said it had added 188 Bitcoin (BTC) to its treasury for astir $17.1 million. The investment, suggested by CEO Chris Pavlovski successful November pursuing Donald Trump winning the US statesmanlike election, was touted arsenic a hedge against ostentation and portion of a broader determination to deepen ties to the crypto industry.

The level hinted it could marque further Bitcoin purchases depending connected marketplace factors. Though Rumble did not specifically notation Trump oregon his attempts to found a strategical Bitcoin reserve and crypto stockpile astatine the national level, Pavlovski’s societal media posts suggested beardown enactment for the US president’s policies. 

Rumble’s unreality presently hosts Trump’s societal media platform, Truth Social — the president’s superior method for nationalist communications — and entered into an statement with El Salvador’s authorities successful January to supply services. Cointelegraph reached retired to Rumble for remark but did not person a effect astatine the clip of publication.

Related: Tether pours $775M into video-sharing level Rumble

With Bitcoin connected its equilibrium sheet, Rumble joins a database of companies that person invested successful crypto pursuing the November election, including AI steadfast Genius Group and bundle institution Semler Scientific. The stock terms of Rumble banal has fallen astir 34% since Jan. 1. 

US authorities could soon hodl Bitcoin

Since Jan. 20, the Trump medication has deepened ties betwixt the US authorities and the crypto manufacture done enforcement enactment and policies. 

The US Securities and Exchange Commission, 1 of the biggest fiscal regulators successful the country, announced it would beryllium dropping investigations and enforcement actions against galore crypto firms implicit allegations of unregistered securities offerings. Trump besides hosted galore crypto executives and CEOs astatine the White House connected March 7 arsenic portion of a acme to sermon a projected nationalist Bitcoin reserve and crypto stockpile.

Trump’s projected Bitcoin reserve — which could beryllium codified into instrumentality if Congress moves guardant with legislation — could spot each BTC seized by US authorities HODLed alternatively than sold astatine auction. It’s unclear however this enactment may impact the price of the cryptocurrency.

Magazine: Bitcoin’s likelihood of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8