Meitu, a Chinese company that specializes in providing image-editing and sharing software for smartphones, announced that it has bought 15,000 units of Ethereum (ETH), worth $22.1 million, and 379.12 units of Bitcoin (BTC), worth about $17.9 million. That’s a total of $40 million.

This transaction was made through a cryptocurrency investment plan approved in advance by the company’s board of directors.

Currently, a budget for cryptocurrency purchases has been allocated in the amount of $100 million.

In its official announcement, Meitu stated that Bitcoin is a good alternative to value with multiple functions and an effective way to hedge against the devaluation of fiat currencies caused by extreme increases in the money supply of central banks.

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As stated in Official statement The company has the following:

Bitcoin is a cryptocurrency launched more than 10 years ago, which has many features that enable it to be a good alternative store of value, such as:

Limited supply, its ability to exchange it with paper money or goods and services, its portability, and its potential to act as an effective hedge against the devaluation of paper currencies due to the massive increase in the money supply by central banks globally.

The demand of the Chinese company “Meitu” for Bitcoin came after many American companies also turned to Bitcoin, such as “MicroStrategy”, “Square” and “Tesla”…

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