By Harry B - Crypto Speculator - 11-08-2021
In 2021 there have quite a few significant companies who are investing in Bitcoin (BTC). Business intelligence company MicroStrategy currently holds around $5 billion in Bitcoin investments. In the early months of this year, automobile company Tesla invested $1.5 billion into the crypto giant.
Moreover, other businesses are beginning to follow in their footsteps as a car insurance company puts money towards Bitcoin buying. Metromile, a pay-per-mile car insurance company, originally announced back in May that it had plans to invest $10 million into crypto coin giant Bitcoin.
However, instead of investing the total $10 million that the company stated would be solely devoted to cryptocurrency, Metromile had only invested 10% of the funds. The San Francisco-based company made an official report to the SEC, which acknowledges that Metromile spent only $1 million on Bitcoin.
That being said, from the amount the car insurance business invested, it appears they also lost 10% by June 30, owning around $900,000 in BTC. Within the financial report, Metromile had $202.6 million in cash and equivalent in the second quarter of 2021; this suggests that Bitcoin is only 0.5% of the entire fund. Investment experts typically suggest having between 1% to 3% of total funds invested into crypto assets.
The news comes after Metromile announced that they would invest the full $10 million into Bitcoin shortly before filing the financial report to the Securities and Exchange Commission (SEC).
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