Clinical pharmaceutical company Hoth Therapeutics has allocated up to 1 million USD to Bitcoin, in order to leverage the potential of this cryptocurrency as a way to store value and protect against inflation.
The company's board of directors has approved this move, reflecting the growing trend among businesses in the United States as interest in Bitcoin (BTC) is revived after Donald Trump's re-election as president.
This trend is in line with recent comments from U.S. Senator Cynthia Lummis, who has called on the U.S. Treasury Department to consider converting a portion of its gold reserves into Bitcoin.
As more and more institutions recognize the inflation-hedging capabilities of Bitcoin, incorporating it into strategic reserve portfolios could further strengthen the role of this cryptocurrency in modern finance.
Hoth's BTC Allocation
In a press release, Hoth Therapeutics emphasized that the "growing attention and acceptance from investors" plays a key role in the continued development and viability of BTC as a reserve asset.
Hoth's CEO, Robb Knie, said the approval of Bitcoin exchange-traded funds (ETFs) and the increased market activity have contributed to the company's decision to include BTC in its reserve strategy.
"We believe its inflation-hedging characteristics can make it a reliable store of value," he said.
Lummis Pushes for BTC Reserves
On November 14, Lummis told Bloomberg that she supports the U.S. Treasury Department converting more than 8,000 tons of gold into BTC to establish a strategic cryptocurrency reserve.
The Wyoming senator had previously called on the Treasury Department to convert a portion of its assets into this leading cryptocurrency, but did not specify which reserves should be sold.
She explained that the U.S. government's balance sheet would remain "neutral" through the conversion, rather than purchasing BTC at market prices.
Former presidential candidate Robert F. Kennedy Jr. also endorsed this asset, saying on November 16 that he is "fully committed" to BTC after putting "most" of his assets into cryptocurrencies.
MicroStrategy Pushes Microsoft on BTC
On November 19, Michael Saylor, the chairman of publicly traded company MicroStrategy, said he had agreed to give a three-minute presentation to Microsoft's board of directors about investing in BTC.
Saylor explained that an "activist" had drafted a proposal for the CEO to present to Microsoft's board, giving him just three minutes to deliver his speech.
The MicroStrategy CEO had previously requested a "secret" meeting with Microsoft CEO Satya Nadella to discuss this topic, but the request was denied.
