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Cypherpunk Ditches its Investment in Monero and Ether to Purchase BTC

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A Canada-based investment outfit dubbed Cypherpunk Holdings recently ditched its store of value in two different Altcoins, Monero and Ether and stashed its gains from both into Bitcoin BTC.  

Cypherpunk Holdings revealed on Thursday the 26th of November,  2020 that its store of BTC is now worth 276.479 BTC. Its Bitcoin holdings rose from  72.979 BTC to its current 276.479 BTC estimated to be the remainder for the second quarter of 2020. This stands as a whopping 279% increase.

The holding company liquidated their investments in the privacy coin dubbed Monero, and Ether, one of the most valuable cryptos. They in turn used the money they got to buy more and more BTC. 

Cypherpunk also used monies obtained from the private placement of CA$505,000 which is approximately USD 400,000, a deal closed on the 27th of August to buy BTC. 

Cypherpunk is not the only company that took the BTC route, publicly quoted companies like MicroStrategy and Square have diversified their investments into BTC in 2020.

These trends suggest that BTC is a worthy store of value and an alternative hedge for inflation. 

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