This second quarter of the year started with a bullish trend for cryptocurrencies. Bitcoin has begun correcting its losses in recent weeks and is heading towards a retest of the price at $ 60.000, while Ethereum closed the month of April above $ 2800, encouraging investors to pay attention to the asset as it makes its way towards the long-awaited price of $ 3000.
All of these are bull market moves for the community, but Bitcoiners are going even further as they keep their fingers crossed for the time when China-based e-Commerce firm Alibaba (Alibaba shares - NYSE: BABA - HKEX: 9988), will finally announce its official purchase of Bitcoin, which rumors claim is worth $ 20 billion.
Did Alibaba Really Spend $ 20 Billion on Bitcoin?
Rumors on the streets of Crypto Twitter say the e-Commerce giant has bought a good chunk of Bitcoin for his company. Fair sharing, because it would be fitting for Alibaba to join its peers globally in the race for Bitcoin ownership before the market begins to experience institutional congestion. The rumors were spread after the company announced that its first quarter 2021 earnings report will hit the market on May 13.
Jack Ma, executive chairman of the Chinese tech conglomerate Alibaba
Alibaba Group Holding Limited has revealed that prior to the reopening of the US market on May 13, 2021, Thursday, it will announce its first quarter financial results, which will be unaudited. A conference call to discuss financial results will precede the disclosure of earnings on the same day at 19:30 pm Hong Kong time.
Like any other quarterly financial report, it will include significant total figures that reflect the company's growth over the first period of the year. Members of the cryptocurrency community expect the company to list its Bitcoin returns, of course if the rumors are true and if the purchase was made much earlier.
No official sources have verified or rejected the rumors, but major players in the Bitcoin community have had a few things to say.
"I have heard a rumor that Alibaba is buying $ 20 billion in BTC," revealed Nikita Sachdev, a fan of Blockchain and Crypto. CNBC's Ran Neuner also tweeted what might be interesting as he implies the rumors were true. “USA: Tesla buys $ 1,5 billion in Bitcoin. China: Alibaba, hold my beer, ”he wrote at the time.
It is possible that Alibaba bought some Bitcoin, even though its president Jack Ma had branded the asset as a bubble. As we have seen previously, the likes of JPMorgan and many other traditional institutions have offered Bitcoin services to their clients. This is despite their leaders being bearish or neutral on the asset.
What do you think of all this? Did Alibaba really buy BTC in your opinion? In our opinion, it is very likely. And we will find out very soon.