Investing cash in Bitcoin may or may not be a good idea. This is a good question to which I have a rather contradictory answer. Why contradictory? Simple. In my personal opinion, investing anything in Bitcoin in the medium to long term is always a good idea. But investing a company's cash in the medium to long term is a bad idea.
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I know it sounds contradictory, but I don't doubt Bitcoin, but rather the strategy. A company needs to have short-term cash to manage its business's liquidity, but not in the medium to long term. If it has excess cash, it's because it can't find a way to invest in its business. It's either a lack of ideas or an overly mature market. If this happens, what it should do is distribute its excess cash in dividends to its shareholders, and they will be the ones to buy Bitcoin if they want.
If the intention is to use short-term cash to buy Bitcoin, this is a terrible idea, as volatility will ultimately ruin any business plan.
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