Like many assets, the value of bitcoin fell precipitously in recent weeks. The value of a bitcoin has fallen in about half.
One domain name company had the good fortune of selling a cache of bitcoin before the market tumbled: NameSilo (OTC: URLOF) sold over 84 bitcoin at USD $9,957.15 each on February 19. That gave it gross proceeds of USD $839,000.
At Friday’s price, it would have only been worth about $440,000.
The company collected the bitcoin as payments from its domain name registrar customers. In the earlier days of cryptocurrencies, I believe most companies that accepted cryptocurrency for payment immediately converted them into cash to offload the risk of price changes. That’s clearly not the case with NameSilo.
Post link: WebsiteHostingReview.org/2020/03/15/namesilo-sold-840k-of-bitcoin-before-the-crash/”>NameSilo sold $840k of bitcoin before the crash
© WebsiteHostingReview.org 2020. This is copyrighted content. Website Hosting Review full-text RSS feeds are made available for personal use only, and may not be published on any site without permission. If you see this message on a website, contact editor (at) WebsiteHostingReview.org. Latest domain news at WHR.NEWS: Website Hosting Review.