“The devaluation of the purchasing power of the U.S. Dollar $DX_F has only just begun. This is why Bitcoin $BTC, real estate, U.S. equities and commodities will continue to trend higher when expressed in $USD fiat terms.” Brandt wrote.
Are Chinese companies imitating MicroStrategy?
Meitu, the first Chinese listed company to buy millions of Bitcoin, is jumping in the game. The software company disclosed in a statement that it had bought exactly $40 million worth of Bitcoin and Ethereum.
In a statement, Meitu said: “The Group has purchased 15,000 units of Ether and 379.1214267 units of Bitcoin (BTC), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively, on March 5, 2021.”
Meitu added that “crypto has enough room for appreciation; it can diversify the risk of holding cash in fund management. Affected by this, there may be more Chinese companies buying Bitcoin to boost their stock prices. However, they run the risk of being banned by the Chinese government.”
