Chief executive of Man Group asset management company, Luke Ellis, has told CNBC that he has doubled his Bitcoin holdings, but it is merely a trading tool for him.
"I see Bitcoin as a trading instrument"
Ellis has admitted that he has doubled his Bitcoin. However, contrary to other wealthy financiers and companies who have been putting Bitcoin on their balance sheets as of late, he does not believe in holding the major cryptocurrency for a long time.
He has confessed that Bitcoin is nothing but a trading instrument for him. His company trades Bitcoin along with other assets, "trying to take advantage and provide some liquidity to the market."
Ellis does not approve of companies holding BTC
When the anchor asked the Man Group CEO what he makes of companies that have decided to hold Bitcoin on their balance sheets, such as Tesla, Square and MicroStrategy, he did not sound too enthusiastic about corporate Bitcoin holders.
I don't think companies should speculate with their cash balances. I think companies are supposed to build things and do whatever it is that their business is about.
I don't think one needs to sit on that stock of Bitcoin to be able to do that.
Paying for goods in Bitcoin is an option for Ellis
Still, despite the jab he took at corporations holding Bitcoin, Ellis suggested that businesses could allow their customers to pay for goods and services in Bitcoin.
MicroStrategy has just bought more Bitcoin
MicroStrategy CEO Michael Saylor has just tweeted that his company had acquired another $15 million worth of the flagship cryptocurrency (262 Bitcoins) at an average price of approximately $57,146 per BTC.
As of today, the company holds 91,326 Bitcoin—that is a mind-blowing $5,064,118,026.
One billion in BTC was scooped up by the company last month, on Feb. 24, as reported by U.Today.
MicroStrategy purchased its first Bitcoin ($250 million worth of it) on Aug. 11, 2020. This month, it added more Bitcoin to its holdings on March 1 and March 5.