Bithumb exchange for sale, and companies to start investing in bitcoin

MicroStrategy CEO: Companies will soon start investing in bitcoin

The head of MicroStrategy, the first public company to invest in bitcoin, said other firms would soon follow their lead. According to Michael Saylor, this will happen in the next 3–6 months.

“It will probably be private companies first, because they don’t have as much inertia. The public companies our size, then mid-sized companies.” the businessman said.

He added that most of MicroStrategy’s shareholders supported the investment in bitcoin. At the same time, Sailor is not an ardent supporter of cryptocurrency. If stock returns rise anytime soon, he will easily ditch bitcoin.

The businessman is not concerned that BTC has lost about 6% in value since the company’s first investment.

“Volatility is not really a selling point. Right now, this is the only thing we can find with real positive returns,” concluded Sailor.

Media: Bithumb Exchange Listed For Sale

Bithumb, the largest crypto exchange in South Korea, is up for sale, according to the local Herald.

More than 50% of the country’s cryptocurrency trading turnover is realized on Bithumb. With 4.77 million users, the site is considered the main engine of crypto trading in South Korea. According to media reports, Bithumb Holdings is trying to sell its 74% stake in Bithumb Korea. Several buyers have already offered between $430 and $604 million.

The new owner will have to solve the company’s legal problems. Seoul police are currently investigating exchange chairman Lee Jong Hoon for about $25 million in investor losses and overseas property tax evasion. Police raided the exchange offices three times this month.

Bank of Canada: financially illiterate people buy cryptocurrency more often

According to a 2019 Bank of Canada survey, financial literacy is positively associated with awareness of cryptocurrencies, but negatively with their purchase.

The Bank views financial literacy as a basic understanding of investing and saving for retirement. The survey showed that 47% of respondents have high financial literacy, and 18% — low. At the same time, it turned out that Canadians with a lower level of understanding of finance are twice as likely to invest in cryptoassets.

“93 percent of Canadians with high financial literacy are aware of cryptocurrencies, as opposed to only 72 percent of those with low financial literacy. Conversely, 8 percent of those with low financial literacy reported they own cryptocurrencies compared with 4 percent of Canadians with high financial literacy.”

According to a survey, the bank estimated that approximately 84% of Canadian residents have heard of cryptocurrencies, and 5% own them.