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Facebook Buying Bitcoin? 7 Things We Know About the Rumors

Today could be yet another huge day for Bitcoin (CCC:BTC-USD). The digital asset is enjoying its time in the spotlight, and is attracting an awful lot of big-time investors in the process. For example, Tesla (NASDAQ:TSLA) purchased a whopping $1.5 billion in BTC earlier this year. It has since sold 10% of that stake for $101 million in profit. Now, whispers are getting louder around Facebook (NASDAQ:FB). With rumors swirling about Facebook buying Bitcoin, the asset could be looking at another investment and a resulting price boost.

Facebook Stock Looks Bulletproof Ahead of Upcoming Earnings

Source: justplay1412 / Shutterstock.com

Will today be the day the rumors come true?

Some signs are pointing to “yes,” but nothing is yet confirmed. Here is what we know so far about the gossip:

Is Facebook Buying Bitcoin?

  • Alistair Milne, CIO of Altana Digital Currency Fund, is the name attached to the new rumors. Milne tweeted out the rumor yesterday morning.
  • Without giving a source, the tweet has fallen under fire. But given Milne’s status as a longtime Bitcoin investor, many believe what he’s saying.

  • Other crypto influencers who believe Facebook has Bitcoin ownership are Jason A. Williams and Mira Christanto.
  • The rumor states that Facebook will unveil its investment today during its earnings report.
  • Doubters of the rumor say that if Facebook had a stake in BTC, it would have likely already disclosed the information to the SEC. Tesla declared its stake immediately to the SEC, and with Q1 already over by one month, it would be unusual for Facebook to only be announcing its stake now.
  • Facebook is already familiar with blockchain technology. The company announced its intentions to create a blockchain-based permissions system, complete with its own crypto, back in 2019. Facebook Diem is still in pre-release, but regardless, the company already has its hands in the burgeoning asset class.
  • Other rumors have been heating up that a large Bitcoin purchase has been made by Japanese video game company Nexon (OTCMKTS:NEXOY). These rumors turned out to be true, as the company has revealed its holding this morning.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/04/facebook-buying-bitcoin-7-things-we-know-about-the-rumors/.

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