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Source: chrisgimmer.com ·
This article explains our decision to accumulate bitcoin and hold it as a reserve asset on our balance sheet.
Jon Matonis - @jonmatonis
4 weeks ago
RT @cgimmer: Given everything going on in the global economy, we began accumulating #Bitcoin starting in March and holding it as a reserve asset on our balance sheet.
My latest article explains the full reasoning behind this decision. Feedback is welcome :)
https://t.co/NmczcdZIms
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1278
Francis Pouliot ⚡️ - @francispouliot_
4 weeks ago
RT @ck_SNARKs: Canadian business are going hard on Bitcoin. https://t.co/1FTKtVXb85
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Erik Voorhees - @ErikVoorhees
4 weeks ago
RT @MartyBent: Another company has decided to diversify its cash holdings into bitcoin to avoid a loss of purchasing power via inflation.
@SnappaHQ is making a calculated long-term move that should pay off very well.
https://t.co/nqO4Jnwn3R
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Kyle Torpey - @kyletorpey
4 weeks ago
RT @the_crypto_feed: /r/bitcoin: another company announces it is buying bitcoin as capital allocation strategy. https://t.co/8LqrRnk8zC
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Preston Pysh - @PrestonPysh
4 weeks ago
There is no greater form of entrenchment into the existing financial rails than what is starting to take place with corporate balance sheets. The first mover advantage on this is going to set-off a chain reaction that most market participants are very unprepared for. https://t.co/tx2W9WqjAZ
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ecurrencyhodler - @ecurrencyhodler
4 weeks ago
RT @cgimmer: Given everything going on in the global economy, we began accumulating #Bitcoin starting in March and holding it as a reserve asset on our balance sheet.
My latest article explains the full reasoning behind this decision. Feedback is welcome :)
https://t.co/NmczcdZIms
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Pomp - @APompliano
4 weeks ago
Here is the third company I know of choosing to convert their reserve assets from dollars to Bitcoin.
Still don't believe this will become a popular trend for some time, but the thesis laid out shows incredible macro understanding.
h/t @MartyBent
https://t.co/CY3tJeZhgR
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Jameson Lopp - @lopp
4 weeks ago
RT @cgimmer: Given everything going on in the global economy, we began accumulating #Bitcoin starting in March and holding it as a reserve asset on our balance sheet.
My latest article explains the full reasoning behind this decision. Feedback is welcome :)
https://t.co/NmczcdZIms
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317
Pierre Rochard - @pierre_rochard
4 weeks ago
RT @cgimmer: Given everything going on in the global economy, we began accumulating #Bitcoin starting in March and holding it as a reserve asset on our balance sheet.
My latest article explains the full reasoning behind this decision. Feedback is welcome :)
https://t.co/NmczcdZIms
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Bitcoin Magazine - @BitcoinMagazine
4 weeks ago
Yet another company accumulating Bitcoin and holding it as a reserve asset!
This is becoming quite a popular trend, expect more to follow. https://t.co/1R6hiqNh88
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Christopher Wheeler - @Stocktrader
4 weeks ago
Why We're Holding Bitcoin as a Reserve Asset https://t.co/GhAUYvKaT4
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0
Michael Goldstein - @bitstein
4 weeks ago
RT @MartyBent: Another company has decided to diversify its cash holdings into bitcoin to avoid a loss of purchasing power via inflation.
@SnappaHQ is making a calculated long-term move that should pay off very well.
https://t.co/nqO4Jnwn3R
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Guarda-Wallet
3 weeks ago
Last time, it was MicroFinance Company rather than a billionaire, now another Canadian company. That's just the beginning!
2
MelPietz
redditor for 7 weeks 4 weeks ago
they're really desperate, because btc is at its all time high since 2017 - I mean I wouldn't buy much at this moment, its rather better idea to buy on the dip
2
varikonniemi
4 weeks ago
How does he list Bitcoin as B in durability while gold is A+ ?
A bitcoin is 100% durable, it cannot break down. Gold can and does decay (at a very very slow pace). So Bitcoin has A+ and gold A
2
BrugelNauszmazcer
Platinum | QC: XMR 169, CC 43, BTC 21 4 weeks ago
Big News! Some company no one knows went all in and bought 0.032 BTC! It's yuuuge, guys.
1
SwapzoneIO
4 weeks ago
That's a very good move for the company though! Wondering that many companies are now realising the value of bitcoin.
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Auslanderr30
4 weeks ago
Have you thought about the possibility of this being false news, a set up to inflate bitcoin?
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Buttoshi
Gold | QC: BTC 74, CC 19 | r/Buttcoin 6 4 weeks ago
This is good for Bitcoin. Bad for Bitcoin competitors.
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Buttoshi
Gold | QC: BTC 74, CC 19 | r/Buttcoin 6 4 weeks ago
More adoption makes Bitcoin easier to adopt for the next guy and harder to adopt for competitors. It's a positive feedback loop for Bitcoin and a vicious negative feedback loop for competitors.
Decentralized money, without force, is all or nothing. You either put all your money into the best network or you lose money in opportunity costs.
1
Drogon__
Bronze 4 weeks ago
Bitcoin has the brand name. Nothing new here. Until something creates big scale real world utility and dethrones it, it will likely still be the king of crypto.
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Drogon__
Bronze 4 weeks ago
When noobs that aren't even in crypto space yet, see an altcoin create actual utility that will create massive demand. The utility we see right now is only demonstrable within the crypto community. We had a bullrun in 2017 with nothing but speculation. Do you think that Bitcoin will still be no 1, if the above scenario plays out?
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Bitcoin_to_da_Moon
4 weeks ago
that is what iam talking about. and they probably hold 100k in btc? so the marketing was a bigger deal than this news in my view.
1
ChampionshipPatient
redditor for 7 weeks 4 weeks ago
They wrote the article themselves. It's self-congratulating, padded with idiomatic phrases and adverbs. Anyone can do this, but please run it though a 2 cent gramma checker first.
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Blixx87
4 weeks ago
In my defense, there’s plenty of media outlets writing about this. P.S I wasn’t serious anyways. I don’t really want the attention 😂
1
tom98239273
redditor for 5 weeks 4 weeks ago
News like this is actually huge. It means that there is less Career Risk to using Bitcoin as a part of your capital allocation strategy. Wonder how long it will be until the first central bank announces it has been accumulating BTC
Just sit back and watch the dominos fall
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Shichroron
4 weeks ago
Completely different scale comparing to previous company, but still both cool and smart
1
poloace
4 weeks ago
I think his write up is on point/ but let’s not forget to give credit where it is due... talking about going down the ‘rabbit hole’ early on followed by a discussion on what is money etc- this is the pitch Andreas antonopolous uses on some of his early talks.
Not saying this guy isn’t doing the right thing for his company- but his realization almost sounds like that of video antonopolous in written form.
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Marina_Paul
redditor for 6 days 4 weeks ago
That's a very good move for that company... I'm sure it's the best move it has made all year.
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BrugelNauszmazcer
Platinum | QC: XMR 169, CC 43, BTC 21 4 weeks ago
Haha, that this got downvoted is amazing xD
Because it was truly 100% shit post.
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username12981
redditor for 2 weeks 4 weeks ago
One of the best post that exaplin what to explain when explaining bitcoin
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sylsau
4 weeks ago
Gradually, then suddenly.
There will be many large companies adopting this strategy in the months and years to come.
This is pure pragmatism in the face of a weakening U.S. dollar.
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Gracket_Material
4 weeks ago
Anyone intelligent is storing up so they can survive the purge through attrition.
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gooptastic1996
4 weeks ago
Bitcoin is a finite commodity, wouldn’t large purchases of BC by multimillion dollar companies make the resource scarce? Scarcity breeds more demand, greater demand makes prices go up
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CraftyMuthafucka
4 weeks ago
A large purchase? Sure.
But the word "large" is relative. Even if a company came along and purchased a billion dollars worth of bitcoin, that would only be a 0.46% increase in market cap (give or take).
MicroStrategy bought $250m of Bitcoin. That's 1/4th of 0.46%.
None of these purchases are truly large. Expecting a price surge is missing the point. This is important for mainstream adoption, not for the short term increase in value.
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FascismIsLeft
4 weeks ago
The price isnt surging because people are selling about as much as people are buying, yet the bitcoin community just wants to talk about the buying.
Big companies with big purchases isnt mainstream adoption. Bitcoin isnt accessible enough for the masses. People cant have their financial security so precarious that a forgotten password or a shut-down exchange wipes them out. But the federal reserve will work out those kinks when they release their cryptocurrency, and then you'll behold what "mainstream adoption" truly looks like
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CraftyMuthafucka
4 weeks ago
What does any of that have to do with your statement that it's "odd how the price isn't surging with these large purchases"?
These aren't large purchases, and the price isn't expected to surge.
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FascismIsLeft
4 weeks ago
Its debatable I suppose that hundreds of millions of dollars is "large", however whats not debatable is that, without selling, we would be seeing a correlating rise in the price.
"When a stock fails to rise on good news, thats bad news."
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CraftyMuthafucka
4 weeks ago
Well Bitcoin is up 20% over the 1 month. So I'm not sure what you are expecting. Is BTC supposed to double through?
How much do stocks go up on good news, 3%?
You're a troll, buddy.
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FascismIsLeft
4 weeks ago
With all thats happened so far in 2020, I'd've thought BTC wouldve gained more than a belated 20%. I wonder where BTC would be right now without the trillions in USD money expansion.
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CraftyMuthafucka
4 weeks ago
Well I guess we'll have to agree to disagree.
If you look at long term logarithmic regressions, BTC is still within the fair price zone. It's not really undervalued or overvalued based on historical non-bubble data.
As for the money expansion, most of the QE goes into buying back treasuries. That money won't ripple effect into other markets for a while. The only money that could legitimately be used to buy Bitcoin would be the stimulus package payouts to individuals. That's a drop in the ocean though.
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MartialImmortal
Gold | QC: BTC 60 | TraderSubs 64 4 weeks ago
What the fuck is their revenue, and how much bitcoin are they buying? 2 very elementary things that did not even get a mention in this simplistic article.
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nanooverbtc
Redditor for 2,000 years. 4 weeks ago
The cofounder claims in a previous article that they hit [$1 million in ARR](https://chrisgimmer.com/marketing-flywheel/) (annual profit/initial investment) & in this article they claim to put 40% of their cash reserve into BTC, but we don’t know the exact number of BTC they purchased.
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UpDown
4 weeks ago
Sweet they probably have about 0.1 BTC with all the $1000 of revenue theyve earned over the years and now pump this article out for marketing from you suckers. Good post about bitcoin, but be honest this is purely bitcoin shilling and maybe an attempt to get sales from indoctrinated bitcoiners. In all honesty I would bet they have less than 3 BTCs
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ebaley
Gold | QC: BTC 766 | BCH critic 4 weeks ago
Bitcoin doesn't need shilling.
The altcoin pretenders on the other hand...
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nootropicat
4 weeks ago
The irony that you commented this in a submission that's shilling bitcoin.
The guy bought some bitcoin and after that decided to shill his bags, hoping to sell higher eventually.
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vvpan
Platinum | QC: ETH 110, OMG 58 | TraderSubs 40 4 weeks ago
Yeah, utility of BTC is purely based on ideology aka shilling. Which is fine...
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nanooverbtc
Redditor for 2,000 years. 4 weeks ago
The cofounder claims in a previous article that they hit [$1 million ARR](https://chrisgimmer.com/marketing-flywheel/) (annual profit/initial investment) & in this article they claim to put 40% of their cash reserve into BTC, so likely a lot more than 3 BTC.
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qthistory
Silver | QC: CC 183 | XVG 28 4 weeks ago
ARR expressed this way is not profit. ARR expressed in dollar terms is "Annual Recurring Revenue." Basically, it's "What are we bringing in at the moment, and how much would it be if we sustained that for the whole year?"
So this is a company *hoping* to have $1 million in revenue a year. None of that indicates that they make any profit or have much (if anything) in reserves.
0
sentokoo
Tin 4 weeks ago
[This article](https://beanninjas.com/blog/christopher-gimmer/) says 1,500 paid users as of June 27th.
Curious how they grew from $180,000 to $1M in less than 60 days.
1
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