Rumble, a video-sharing and cloud services platform, is making a big move into crypto with a Bitcoin treasury strategy. The company plans to use its cash reserves to buy Bitcoin as a store of value and a hedge against inflation.

This decision marks a major change for the $2 billion company and shows its dedication to connecting with the crypto and gaming communities.

Rumble Joins Bitcoin Movement with $20 Million Allocation Strategy

Rumble announced that its Board of Directors has approved using up to $20 million of its excess cash reserves to buy Bitcoin. The video-sharing and cloud services platform stated that these purchases will be made at the company’s discretion.

“I wasn’t joking when I said I was going to be laser-focused on the crypto and gaming communities. It’s a new era,” Rumble CEO Chris Pavlovski said.

Companies diversify their corporate treasury with Bitcoin to protect assets from currency devaluation and benefit from its potential long-term value growth. This trend has gained momentum among behemoth firms like MicroStrategy, which made headlines for its aggressive Bitcoin purchases. Rumble appears to be following suit, leveraging Bitcoin as a strategic asset to support its expansion.

Pavlovski elaborated on Rumble’s Bitcoin treasury strategy, pointing out Bitcoin’s resistance to inflationary pressures caused by government monetary policies.

“Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money printing,” he explained.

Rumble’s timing aligns with the broader adoption of Bitcoin, spurred by institutional interest and a crypto-friendly US presidential administration. However, Pavlovski noted that Rumble’s Bitcoin purchases would depend on market conditions, the cryptocurrency’s price, and the company’s financial needs.

Dr. Disrespect’s $20 Million Deal: Opportunity vs. Risk

In a parallel development, Rumble is making waves in the gaming sector by signing an exclusive $20 million deal with controversial streamer Dr. Disrespect. The deal includes his leadership role in Rumble’s gaming division, where he will spearhead the development of the Rumble Gaming Community.

Dr. Disrespect’s presence could be a double-edged sword for Rumble. On the one hand, his millions of followers provide an opportunity to expand the platform’s reach. However, his history of controversies, including a ban from Twitch, has raised questions about his fit for Rumble.

Pavlovski addressed these concerns, stating that Dr. Disrespect has promised to “be on his best behavior moving forward.” If successful, this partnership could establish Rumble as a dominant player in the gaming content space, complementing its crypto-focused initiatives.

“Rumble is in a new era, and I’m laser-focused on expanding into two categories: gaming and crypto,” Pavlovski added.

Rumble’s Bitcoin treasury strategy and its high-profile partnership with Dr. Disrespect reflect a bold vision for the company’s future. These moves could position Rumble as a unique player bridging the worlds of crypto, gaming, and video-sharing.

However, these ambitious strategies are risky. Bitcoin’s price volatility could pose challenges for Rumble’s treasury. Similarly, controversies surrounding Dr. Disrespect could test the platform’s reputation.

If Rumble successfully navigates these hurdles, it could emerge as a trailblazer, similar to MicroStrategy’s transformation through Bitcoin. With a focus on innovation and community building, Rumble’s bets on Bitcoin and gaming might well pay off.

If Senator Ted Cruz of Texas gets his way, he wants the state to be the “oasis of Bitcoin.” For Cruz, the primary hurdle to full Bitcoin adoption is the federal government itself, particularly its left-leaning policies.

The state of Texas, he says, can soon become a cryptocurrency hub with its decentralized environment and business-friendly policies.

Ted Cruz’s statement comes as Bitcoin broke the $98,000 level for the first time, and there’s growing regulatory clarity. Incoming US President Donald Trump has nominated Scott Bessent for Treasury, and SEC’s Gary Gensler has announced that he’s stepping down on January 20th, 2025.

Senator Cruz emphasized that the leading digital asset represents freedom and stated that Texas could become a haven for its innovation and development.

I am one of the leading defenders of Bitcoin and cryptocurrency in the U.S. Senate.

I want Texas to be an oasis for Bitcoin, and we are seeing many companies come to Texas to create new jobs in the cryptocurrency industry. pic.twitter.com/ayVzxQIIi9

— Ted Cruz (@tedcruz) November 23, 2024

Texas As Global Hub For Bitcoin

Ted Cruz posted on Twitter/X his thoughts immediately after the airing on Fox Business News. In a post shared November 24th, Cruz argued that he’s a strong advocate for cryptocurrencies in the Senate. He added that his goal is to make his state a Bitcoin hub and shared that several companies are now relocating to the “Lone Star” state and creating jobs along the way.

Cruz sees a perfect match between Bitcoin and the state of Texas. The state’s independent spirit perfectly complements the blockchain’s principles of decentralization and freedom.

Texas Can Provide Support To Bitcoin’s Innovation

In the Fox Business interview, the lawmaker explained that Bitcoin represents freedom, free from control. He said that Texas is the perfect hub for the growing technology since its people embrace freedom and welcome Bitcoin bulls.

A bitcoin mining facility in Texas. Source: Eli Durst/New York Times/Redux/Eyevine

The Texas senator further explained that the state can lead the cryptocurrency revolution. He says Texas has abundant natural resources and crypto-friendly policies, making it a perfect center for Bitcoin mining. Cruz has publicly acknowledged that he operates at least three crypto mining rigs in West Texas, a testament to his commitment to the technology.

Senator Talks About Other Issues About Bitcoin

Cruz also discussed the many challenges Bitcoin faces now, including those faced by regulators and some policymakers. He criticized Massachusetts Senator Elizabeth Warren for her stance against Bitcoin, comparing it to China’s ban on crypto.

He argued that it’s time to create friendly cryptocurrency regulations to promote growth and innovation. By focusing on a favorable regulatory environment, Texas can position itself as a global leader in the cryptocurrency sector.

He says Bitcoin’s decentralization will make it impossible for bad actors to hijack financial systems. Finally, he briefly touched on the asset’s proof-of-work consensus mechanism, which helps secure the network.

Featured image from DALL-E, chart from TradingView

Crypto investment inflows registered a record-breaking weekly inflow of $3.12 billion last week. This surge brings the year-to-date inflows to an unprecedented $37 billion, highlighting Bitcoin’s growing dominance and renewed interest in digital asset investment products.

It comes as Bitcoin (BTC) continues to show potential for new record highs, with the peak price now standing at $99,588 on Binance.

Bitcoin Dominates Amid Crypto Inflows’ Record Highs

Bitcoin led the pack with $3.078 billion in inflows last week, marking its strongest performance to date. Despite reaching all-time price highs, the surge in interest extended to short-Bitcoin investment products, which recorded $10 million in weekly inflows. Notably, these short-Bitcoin inflows reached $58 million for the month — the highest since August 2022.

The recent $3.12 billion inflow is a sharp increase from previous weeks, continuing a strong upward trend. For context, the week prior saw $2.2 billion in inflows, buoyed by Republican electoral momentum and Federal Reserve dovishness.

The week before that brought $1.98 billion in post-election momentum. These successive inflows highlight the market’s resilience and growing confidence among investors despite broader economic uncertainties.

However, the growing adoption of Bitcoin ETFs (exchange-traded funds), which are attracting significant institutional interest, is driving Bitcoin’s rise. According to data on SoSoValue, the cumulative total net inflow for Bitcoin ETFs reached $30.84 billion as of November 22, when markets closed on Friday.

While all eyes were on MSTR, ETFs quietly ingested more than 10x the amount of BTC mined last week. Pac-Man mode activated,” quipped Eric Balchunas, an ETF analyst with Bloomberg Intelligence.

Amid the growing optimism, Balchunas recently noted that US spot ETFs are 98% to passing Satoshi as the world’s biggest BTC holder. Similarly, analysts predict Bitcoin’s upward trajectory could extend to $115,000 this holiday season. Whale activity and long-term holders capitalizing on the current rally bolster the enthusiasm.

MicroStrategy’s Michael Saylor, a vocal Bitcoin advocate, hinted at expanding the company’s Bitcoin holdings, further solidifying institutional confidence in the asset.

Solana (SOL) emerged as a strong contender among altcoins, recording $16 million in inflows last week. This significantly outpaced Ethereum’s $2.8 million. However, on a year-to-date basis, Solana still trails Ethereum, which remains the dominant altcoin with substantially higher total inflows.

Solana’s recent success can be attributed to increasing optimism surrounding Solana-based ETFs. With multiple filings from VanEck, 21Shares, and Bitwise, among others, investor confidence in Solana’s ecosystem has surged.

These ETFs are expected to broaden access to Solana’s technology for retail and institutional investors alike, pending SEC (Securities and Exchange Commission) approvals.

As Bitcoin and broader crypto markets continue their ascent, optimism remains tempered with caution. Market watchers like CryptoQuant caution against over-exuberance, warning of a possible price correction after Bitcoin’s recent climb. Other skeptics, including Justin Bons of Cyber Capital, raised concerns over the cryptocurrency’s vulnerability to liquidity risks.

On the one hand, analysts predict sustained growth driven by ETFs, institutional adoption, and strong market sentiment. On the other hand, warnings of over-leveraged positions and liquidity risks suggest that a pullback could follow this bullish phase. How long this momentum will persist depends on regulatory developments, market sentiment, and macroeconomic factors.