ProtonMail, the highly secured mail platform refuses to sell off its Bitcoins amidst the complete market slump. Bitcoin (BTC) reached the price of about $30,000 just 2 days back. Among this complete fuzz and buzz in the market, many sold off their crypto holdings. Along with BTC, all other altcoins also faced the same fate for the past few days.
ProtonMail’s Decision on BTC
ProtonMail announced officially through its tweets just a few hours back regarding its holding of BTC.
Responsible financial diversification requires holding some assets outside of the traditional government controlled banking system. That’s why Proton will continue to #HODL a significant proportion of our reserves in #Bitcoin to safeguard our independence. https://t.co/AKQPx1px9U
— ProtonMail (@ProtonMail) May 21, 2021
In the post it also retweeted Bitcoinmagazine’s tweet, upon the support of BTC holding during this crisis period. ProtonMail instigates that it is extremely vital for diversifying its finances outside the governed bank systems. One such efficient means is by acquiring digital assets as much as possible. ProtonMail depicts encashing on digital assets like BTC will help the company to stay independent even in hard times.
ProtonMail isn’t the first to go into such decisions. MicroStrategy’s CEO Michael Saylor, tweeted on Wednesday that all the firm’s Bitcoin shares of 111,000 Bitcoin, worth of $4.5 billion have been left untouched and would never sell them off.
ProtonMail has been accepting payments by means of BTC ever since August 2017. In 2019, it also stated it has not cashed out the BTCs it has received so far as payments. So far, ProtonMail stocks about 2.2 BTC , amounting to roughly $90,500.
Future of BTC
Bitcoin over the past month faced all the market heights and dips, of which all were not really expected. After its rise to $ 59,428.07 as its highest, it came all the way down to around $33,000. Speculations for this downfall are Tesla ceasing its BTC payments, the carbon footprints left by over-mining of BTC, China’s recent official announcement to stop any sorts of trade of either buying or selling in terms of BTC, and much more. Market analysts predict that the downfall of BTC will touch down to even $20,000 in short.
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