A Dubai businessman is pledging to buy 100,000 Bitcoin worth up to $4.8 billion as part of a new company strategy.
To put that into perspective, it’s the largest investment of its kind in the world. And he’s planning to buy up roughly a quarter of the entire Bitcoin currency worth $17 billion.
It even puts Elon Musk’s big Bitcoin investment firmly in the shade. Which isn’t an easy thing to do!
Khurram Shroff is the Chairman of the IBC Group and has long been a big believer in cryptocurrency. Bitcoin has reached record highs this year and Shroff believes the value will keep increasing towards the end of the year. In which case his big gamble will have paid off.
Shroff is making the investment as part of his Miami Blockchain initiative. If successful, he hopes both Miami and Dubai can be two of the first cities in the world to be run by Blockchain, an amazingly safe form of computer transaction.
Kerching! First Government company now accepts Cryptocurrency as payment
A Dubai company has become the first Government-backed entity to allow cryptocurrency as a payment option for its services.
The company is KIKLABB, a licensing and workspace entity that helps companies get established in Dubai. And KIKLABB customers in Dubai can now pay using cryptocurrency including Bitcoin, Ethereum or Tether.
The KIKLABB chief executive officer, Tasawar Ulhaq thinks others will soon follow.
“It really was just a matter of time before we recognized Bitcoin, Ethereum, and Tether. Cryptocurrencies are the payment method of the future,” Ulhaq said.