E-Commerce Platform Buys Bitcoin Worth $7.8 Million! What Could it Mean for Bitcoin Investors?

10:04 am, Thu, 6 May 21

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?

MercadoLibre, the second-largest company in South America has announced the addition of Bitcoin worth $7.8 million in its books. The purchase of Bitcoin makes it the 36th publicly-traded company to invest in the flagship cryptocurrency. The investment of major organizations and companies such as MercadoLibre further enhances the significance of Bitcoin, attracting the attention of other interested parties as well.

With more organizations utilizing Bitcoin, it is likely to remain at the top in the future, which is beneficial news for Bitcoin investors. On the other hand, people who have yet to purchase Bitcoin can keep an eye out on the price of the digital currency and invest in it by using popular exchanges such as SwissBorg or Kraken.

Connection Between MercadoLibre and Bitcoin

Buying Bitcoin is not the first time MercadoLibre has come across the popular cryptocurrency. It was recently reported that the company took the initiative of accepting Bitcoin payments for their real estate verticals.

The founder and former CEO of the company, Marcos Galperín, has publicly announced several times that he has personally owned Bitcoin since 2013. He has also expressed some very bullish opinions regarding Bitcoin and even stated that Bitcoin stores better value as compared to Gold.

While announcing the investment in Bitcoin, the company stated:

As part of our treasury strategy this quarter we purchased $7.8 million in Bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets”.

MercadoLibre is the largest e-commerce platform in South America and the news of the company’s investment in Bitcoin can open new doors of opportunities for the cryptocurrency, its investors and traders. Therefore, hodlers and new investors of Bitcoin should not be worried about the ups and downs of the digital currency market but look for opportunities to trade beneficially.

What Impact Can Investment of Major Companies Have on Bitcoin and the Overall Crypto Market?

The wavering price of Bitcoin can be worrisome at times for the existing or potential investors. However, there are several top companies and organizations that have invested in the flagship cryptocurrency, highlighting its potential and worth.

Some of the top companies that have recently added Bitcoin to their books, include:

  • Tesla
  • Nexon (Game developer)
  • Square

The companies that have invested in Bitcoin are not from a particular market, which is an indication of how vastly Bitcoin has expanded in different markets. The use of Bitcoin is not limited to one market or niche and it is speculated that the need for Bitcoin will continue to grow. This is encouraging news for the Bitcoin investors and traders and also for the people who are planning to buy Bitcoin soon.

The growing recognition of the flagship cryptocurrency can be a good sign for the interested parties to start trading and investing in crypto with the help of exchanges. Potential traders can use ByBit to start crypto trading immediately. On the other hand, there are multiple opportunities for people who are busy but want to start crypto trading as they can opt for copy-trading by using PrimeXBT Covesting.