Another fan of Bitcoin has decided to make their love affair public. Investment advisory firm, The Motley Fool, is the latest organization to add Bitcoin to its portfolio. The company announced on Wednesday that it had invested $5 million through its 10X real-money portfolio into Bitcoin.
Whilst making the announcement, the firm also revealed that it will add an extra $5 million worth of Bitcoin to its own balance sheet; an investment it plans to hold for many years.
The Motley Fool gave three primary reasons guiding its decision to invest in Bitcoin. For one, it believes that Bitcoin is a better store of value than gold in the long-term. Bitcoin also has the potential to become a recognized medium of payment if prices stabilize in the future. Finally, Bitcoin can function as a hedge against inflation.
The firm ended its announcement with a direct jab at Bitcoin ETFs, calling them overpriced. The Motley Fool wrote:
We aren’t buying overpriced ETFs as our route into Bitcoin. We are buying Bitcoin directly.
The Motley Fool has been in operation since July 1993. An endorsement from the firm goes with the narrative that traditional organizations are turning to embrace Bitcoin. About six days ago, America’s oldest bank announced that it was launching a crypto custody service.