However, it is also pertinent to note that most companies that receive Bitcoin from their clients tend to convert their crypto holdings to fiat either immediately it arrives their wallet or the third-party processor the choose.
In other words, accepting Bitcoin is regarded as a way of making payment easier for customers, and with no significant benefit for the merchant.
Amidst this method; however, it is also interesting to note that some organizations that accept Bitcoin as payment believe that the cryptocurrency could be worth a lot more in the future.
Swiss-based privacy-focused email messaging company, ProtonMail, confirmed they are among such companies holding Bitcoin in reply to a tweet where Twitter user @TokenAlgo confirmed that he paid the company with Bitcoin for their service.
ProtonMail, whose email service has over ten million users, replied:
No worries, we will HODL for you (we actually don’t sell our BTC and haven’t for years).
— ProtonMail (@ProtonMail) November 16, 2019
Digging a little into their record, we found that ProtonMail officially announced it was accepting Bitcoin in August 2017, just before the Bitcoin bull market later that year.
However, the company also confirmed in their announcement that it was accepting BTC via an unofficial way for three years (2014) before then and that the integration of the system was already long overdue.
Evidently, ProtonMail’s revelation that they hold Bitcoin after receiving it from customers raises brows that several companies may be doing the same and only open crypto gateways to increase their holdings.
Given that Coinfomania had in the past reported the usage of Bitcoin for tuition fee payment in New York, it is safe to say that HODLing Bitcoin is fast shifting from an individual game to one that even the most prominent corporations play.