Google is one of the most famous companies in the world. The company is almost synonymous with the term, “technology”. The company has been a visionary in terms of tech and is currently one of the richest companies in the world. The institution has seen constant growth and progress in every sphere. However, a recent piece of news has made everyone sit up and take notice. A recent survey has stated that the tech giants have made the most investments in the cryptocurrency market in the last year.
This news comes at a time when the entire crypto market is going through a tough phase. The crypto market has been plagued with a huge downward curve for the past few months. Most of the companies have suffered heavy losses. Prominent companies like Coinbase have declared themselves insolvent and Coinflex has recently announced cutting down significantly on its employees.
Big names like Bitcoin and Ethereum have also seen their prices go down to new lows. Thus, when all the investors were looking to withdraw their investments from the market, such a piece of news comes as a pleasant surprise for the market. The data shows that the parent company of Google, Alphabet, invested a whopping amount of $1.5 billion in cryptocurrencies. Let us learn more about the story in detail below.
Google Surprise Everyone With $1.5b Crypto Investment
Google has pulled out an element of utter surprise by cashing in billions on the currently unstable crypto market. Alphabet has reportedly made the investments between the months of September 2021 and June 2022. Such a huge amount of investment in a short period has earned the company the title of the biggest investor.
Google was not particularly keen on its crypto investments in the past. The company invested a total of only $601.4 million in the year 2020. However, such rapid changes do indicate that the cryptocurrency market is here to stay despite all the negative speculation.