Trump Media and Technology Group (TMTG), the company behind Truth Social, is making a massive investment in Bitcoin. They’re planning to buy $2.5 billion worth of the cryptocurrency.
A Bitcoin Treasury for Truth Social
TMTG announced that they’ve secured deals with around 50 institutional investors to fund the purchase. This involves selling $1.5 billion in company stock and $1 billion in convertible notes.
CEO Devin Nunes explained the move, saying Bitcoin is seen as a key to “financial freedom.” He believes this investment will protect the company from what he calls unfair treatment by financial institutions and will create opportunities for things like subscription payments and other digital transactions within the Truth Social platform. Nunes also stated that this is part of a larger plan to transform TMTG into a holding company focused on “America First” principles.
Bitcoin’s Price Surge
At the time of the announcement, Bitcoin was trading around $109,395, having recently hit a record high. The cryptocurrency has seen significant growth recently.
Disclaimer: This information is for general knowledge only and is not financial advice. Investing in Bitcoin and other cryptocurrencies is risky. Always do your own research before making any investment decisions.
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