Away from MicroStrategy, this small business owner spent $200k on Bitcoin
While Bitcoin buys from institutional investors have dominated the headlines, relatively smaller players are also jumping on the digital asset train.
In another Bitcoin-pizza moment, a small pizza business owner revealed how he and his wife invested $200k in Bitcoin last year. Their little investment has brought them an ROI of 350%.
The story of Greg Hathorn and his wife was covered by the crypto news site CryptoPotato. Hathorn had earlier commented on a tweet from MicroStrategy’s CEO Michael Saylor endorsing Square’s $170 million investment in Bitcoin. Hathorn revealed that he had taken $200k from his business to invest in Bitcoin.
I'm just a mom & pop pizza shop owner, but I've moved $200K off my balance sheet into Bitcoin. Wonder how many other private businesses will do something similar? There are lots of us.
— Greg Hathorn (@GregHathorn) February 23, 2021
Despite being a restaurant owner, Hathorn has a background in IT. According to him, he had always had his eyes on digital assets and blockchain tech. According to him, “these technologies represent the smartest use of the Internet to date, creating a positive disruption that will shake traditional finance to its core.”
His decision to invest in the leading cryptocurrency came in the wake of the COVID-19 pandemic in April 2020. And instead of buying from an exchange, he opted to invest in Bitcoin via Grayscale.
While speaking to the news site, Hathorn explained the reason for his Bitcoin investment decision. He said:
So, why bitcoin for my business? The simple answer is that I have worked hard to save money, and I don’t like seeing it disrespected and devalued. I also do not appreciate politicians and central banks reducing the value of the American worker to the speed of a printer. Bitcoin solves these problems.