In recent months, companies such as MicroStrategy and Tesla have bought a significant amount of Bitcoin (BTC). However, this has not yet turned into a trend among companies. Galaxy Digital President Damien Vanderwilt thinks companies are reluctant to invest in crypto assets because of security and taxes.
“When we consider our conversations with companies and institutional investors who want to invest in the sector, we see that the biggest problem is security,” Vanderwilt said during an interview with Bloomberg on Thursday.
“The second problem, especially for companies, is taxation.”
Vanderwilt said that 5 percent of financial executives are considering buying Bitcoins. Research conducted by research firm Gartner with 77 finance executives reveals that 5 percent of these executives are considering investing in cryptocurrency.
MicroStrategy, MassMutual, Tesla, and Square have invested millions of dollars in Bitcoin. MicroStrategy, which has invested more than $ 1 billion in crypto money, recently purchased another $ 1 billion in BTC. Square also announced that it has invested another $ 170 million in BTC.