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Cryptocurrency investors were thrilled when Elon Musk announced he had started buying BTC, marking a pivotal event for the 2021 bull run. Now, another company has disclosed in its financial report that it has begun purchasing Bitcoin and Ethereum.
Why Are Cryptocurrencies Rising?
Reddit announced its official entry into cryptocurrencies by purchasing Bitcoin, Ethereum, and MATIC Coin. This move by one of the largest social media companies has led to a market upswing. At the time of writing, MATIC Coin has risen from $0.91 to $1.06, reclaiming a key region after a long wait.
Bitcoin’s price has reached the brink of $52,000, and Ether has once again crossed the $3,000 mark, sitting at $3,010 at the time of writing. The published report details the following;
“We have purchased Ether and Matic as a means of payment for certain virtual goods. Although we believe that cryptocurrencies and blockchain technology have significant potential, we are aware of their risks. We have invested a portion of our excess cash reserves in Bitcoin and Ether. The prices of cryptocurrencies like Bitcoin, Ether, and Matic have been highly volatile.”
