Hoth Therapeutics, a biopharmaceutical company in the clinical trial stage, has decided to allocate up to $1 million to Bitcoin, with the aim of leveraging the potential of this cryptocurrency as a store of value and an inflation hedge. This decision was approved by the company's board of directors, reflecting the growing trend in the US business community, particularly in the context of renewed interest in Bitcoin after the victory of Donald Trump in the presidential election.
This move is also in line with recent comments by US Senator Cynthia Lummis, who has called on the Treasury Department to consider converting a portion of the 8,000 tons of national gold reserves into Bitcoin. As more organizations recognize Bitcoin's anti-inflationary capabilities, incorporating it into strategic reserves could strengthen the cryptocurrency's position in the modern financial system.
Hoth Therapeutics emphasized that "the growing attention and acceptance from investors" is a key factor driving the sustainable growth of Bitcoin and its ability to serve as a reliable reserve asset. Hoth CEO Robb Knie stated that the approval of Bitcoin ETFs and the development of the Bitcoin market have played a significant role in the company's decision to include BTC in its treasury strategy.
"We believe Bitcoin's anti-inflationary nature will make it a reliable asset, capable of functioning as an effective store of value."
Additionally, Acurx Pharmaceuticals, a US-based antibiotic pharmaceutical company, has also announced plans to purchase $1 million worth of Bitcoin as a treasury reserve asset, following in the footsteps of MicroStrategy.
On Wednesday, the Board of Directors of Acurx Pharmaceuticals approved a plan to purchase up to $1 million in Bitcoin, intending to use this amount as a reserve asset for the company's treasury.
Following this announcement, the company's stock fell more than 6%, despite previously recording an increase of around 8% in pre-market trading.
CEO David P. Luci shared:
"As demand for Bitcoin increases and its acceptance as a significant asset grows, we believe Bitcoin will become a strong treasury reserve asset for our excess cash over the next 12 to 18 months."
"With its limited supply and anti-inflationary characteristics, it provides a useful store of value."
Luci also emphasized that this strategy is purely a treasury finance decision and will not impact the company's drug development plans.
On November 19, Michael Saylor, the Chairman of MicroStrategy, announced that he had agreed to speak for three minutes before the Microsoft Board of Directors about the company's Bitcoin investment strategy. Previously, Saylor had proposed a direct meeting with Microsoft CEO Satya Nadella to discuss the potential for investing in Bitcoin, but this offer was declined.
These actions demonstrate the increasingly clear shift in how major US companies and politicians view Bitcoin and cryptocurrencies in general, and will continue to shape the role of Bitcoin in global financial strategies going forward.
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Annie
Bitcoin Magazine
