ProtonMail keeps HODLing Bitcoin despite market crash and carbon drama

Published at: May 21, 2021

Major privacy-centric email service ProtonMail is not giving up on Bitcoin (BTC) despite the extreme volatility leading to its price to plunge to nearly $30,000 on Wednesday.

ProtonMail announced Friday on Twitter that the company has continued to hold a significant amount of Bitcoin in order to help the company stay independent:

“Responsible financial diversification requires holding some assets outside of the traditional government controlled banking system. That’s why Proton will continue to #HODL a significant proportion of our reserves in #Bitcoin to safeguard our independence.”

By announcing the news, ProtonMail echoes moves by companies like MicroStrategy whose CEO Michael Saylor announced Wednesday that entities under his control acquired about 111,000 Bitcoin, worth $4.5 billion at the time of writing. Those entities “have not sold a single satoshi, BTC forever,” Saylor stated.

ProtonMail introduced Bitcoin payments for ProtonMail subscriptions back in August 2017 to support the company’s commitment to principles of freedom and privacy. In 2019, ProtonMail announced that it had not cashed in any of Bitcoin it accepted as payment since the new payment option was adopted. ProtonMail has also been accepting Bitcoin for donations, with the currently listed BTC donation address having received a total of 2.2 BTC, or around $90,500.

ProtonMail’s latest remarks on Bitcoin bring some optimism amid major turbulence on crypto markets as firms like Tesla hinted at potential dump of BTC from their balance sheet after purchasing $1.5 billion worth of BTC earlier this year. Last week, Tesla suspended Bitcoin payments for car purchases citing carbon concerns over BTC mining, spurring major outrage in the crypto community and apparently contributing to Bitcoin’s blood path to $30,000.

ProtonMail did not immediately respond to Cointelegraph’s request for comment.

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