KPMG’s Canadian arm has added Bitcoin and Ethereum to its balance sheet with the completion of the firm’s first direct investment in cryptoassets.
Canadian Managing Partner of advisory services for KPMG in Canada, Benjie Thomas called cryptocurrency a “maturing asset class” that holds immense potential in the future of global finance.
“Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving cryptoassets,” Thomas explained, highlighting the urgency behind digital asset adoption in the private sector.
Thomas added that the cryptoasset allocation aligns with KPMG’s belief that the institutional adoption of blockchain technology and digital assets will continue to accelerate, driving crypto into mainstream markets and uses.
KPMG has joined a growing roster of corporations, publicly-traded companies and private organizations that have invested in cryptoassets.
In 2020, business intelligence and cloud-based services firm MicroStrategy transferred a significant amount of its corporate treasury to Bitcoin in response to growing inflationary pressures and the economic flux that accompanied the COVID-19 pandemic.
MicroStrategy CEO Michael Saylor spearheaded the Bitcoin investment strategy, which catapulted the company into a new phase of growth and laid the foundation for corporate cryptoasset ownership on a larger scale.
Saylor spoke on his experience, both personal and professional, with Bitcoin during the Potomac Officers Club’s recent Digital Currency and National Security Forum. During an exclusive fireside chat, Saylor discussed the importance of Bitcoin and the role digital currencies will play in the future of the economy.
“Bitcoin is the first creation of digital property in the history of the world,” Saylor commented. “We managed to create a non-sovereign store of value in the form of a synthetic bearer instrument.”
Hear Michael Saylor’s full comments on crypto and Bitcoin at PotomacOfficersClub.com, where you can view the full Digital Currency and National Security Forum on-demand now!
