Source: Cointelegraph Original: "{title}"
Video sharing platform Rumble has announced that as part of its previously disclosed investment strategy, it has purchased over $17 million worth of Bitcoin.
In a statement on March 12, Rumble confirmed it acquired 188 Bitcoins, valued at approximately $17.1 million. This investment was proposed by CEO Chris Pavlovski in November, following Donald Trump's victory in the U.S. presidential election, as a hedge against inflation and as part of a broader plan to deepen ties with the cryptocurrency industry.
The platform hinted that it may make additional Bitcoin purchases depending on market factors. While Rumble did not directly mention Trump or his efforts to establish a strategic Bitcoin reserve at the federal level, Pavlovski's social media posts clearly expressed support for the president's policies.
Rumble's cloud platform currently hosts Trump's social media platform Truth Social—his primary means of public communication—and reached an agreement with the Salvadoran government in January to provide services. Cointelegraph reached out to Rumble for comment but did not receive a response by the time of publication.
By incorporating Bitcoin into its balance sheet, Rumble joins the list of companies investing in cryptocurrency following the November elections, including AI company Genius Group and software company Semler Scientific. Since January 1, Rumble's stock price has dropped by approximately 34%.
Since January 20, the Trump administration has deepened the connection between the U.S. government and the cryptocurrency industry through executive actions and policies.
One of the largest financial regulators in the U.S., the Securities and Exchange Commission (SEC), announced it would abandon investigations and enforcement actions against many cryptocurrency companies for unregistered securities offerings. On March 7, Trump also met with several cryptocurrency executives and CEOs at the White House as part of a summit discussing the proposed national Bitcoin reserve and cryptocurrency reserves.
The Bitcoin reserve plan proposed by Trump, if passed by Congress, could formally become law. This move may allow all Bitcoins seized by U.S. authorities to be held long-term rather than sold through auctions. The specific impact of this policy on Bitcoin prices remains unclear.
Related: Starknet to reach agreements with Bitcoin and Ethereum to unify blockchains.
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