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    Hoth Therapeutics Invests $1 Million in Bitcoin Amid Increasing Acceptance and Advocacy by US Senator and Other Influencers

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    crypto, bitcoin, fiat money, dollar, investment, investing, funding, crowdfunding, financing, rise money, venture capital (VC), capitalization

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    Biopharmaceutical firm Hoth Therapeutics is investing $1 million in Bitcoin in a hedge against inflation, a decision approved by the company’s directors. This aligns with US Senator Cynthia Lummis’ recent advocacy for the US Treasury Department to convert part of its gold reserves into Bitcoin. Hoth cited increasing acceptance and growth as factors in its decision, while Robert F. Kennedy Jr. also stated most of his wealth is now in Bitcoin. Microsoft might also consider Bitcoin investment following a pitch by MicroStrategy CEO Michael Saylor.

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    The biopharmaceutical company, Hoth Therapeutics, has decided to sink up to a cool million into Bitcoin. They’re banking on the wildly popular cryptocurrency to serve as a safe investment and as a buffer against inflation. This move got the thumbs-up from the company’s directors which is no surprise given that Bitcoin is currently all the rage among U.S businesses.

    This trend seems to line up neatly with the recent chatter from U.S Senator Cynthia Lummis. She’s recently been encouraging the U.S Treasury Department to think about turning some of its gold stash into Bitcoin. It’s clear that more and more firms are warming up to Bitcoin because of its resistance to inflation. This could mean that we’ll be seeing Bitcoin playing more of a central role in finance.

    In a statement, Hoth Therapeutics pointed out that the increasing attraction and acceptance of Bitcoins has been key to its exciting growth and its role as a reserve asset. The head honcho at Hoth Therapeutics, Robb Knie, mentioned that the approval of Bitcoin exchange-traded funds (ETFs) and heightened market activities were some of the reasons they decided to bring Bitcoin into the company’s investment strategy. They reckon its inflation-resistant features will make it a reliable safety net.

    Lummis is also making waves with her push for Bitcoin reserves. She recently suggested that the US Treasury Department should turn a whopping 8,000 tonnes of gold into Bitcoin to establish a virtual safety net. The senator from Wyoming had previously suggested that the Treasury should convert part of its assets to Bitcoin, but she hadn’t specified which assets. She clarified that the U.S government’s balance sheet would stay “neutral” through the conversion, instead of picking up the Bitcoin at market prices.

    Even Robert F. Kennedy Jr. is jumping on the Bitcoin wagon. On November 16th, he stated that he’s put the lion’s share of his wealth into Bitcoin. Clearly, he’s fully committed.

    Even Microsoft could be on the brink of joining the Bitcoin revolution. On November 19th, Michael Saylor, the head of the publicly traded company, MicroStrategy, mentioned that he had managed to score a three-minute meeting with Microsoft’s directors to pitch investing in Bitcoin. The CEO of MicroStrategy has previously tried to arrange a confidential meeting with Microsoft CEO Satya Nadella to talk Bitcoin, but unfortunately, he was turned down.

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