Chinese Tesla Competitor Buying $1 Billion Worth of BTC, ETH, and BNB

The board of directors of Chinese company Jiuzi Holdings, which specializes in selling battery-operated electronic vehicles, has approved a new cryptocurrency asset investment policy that allows deploying up to $1 billion for conducting cryptocurrency purchases. 

This comes after the company appointed blockchain and artificial intelligence expert Doug Buerger as its chief operating officer (COO). 

Buerger will be responsible for overseeing the company’s digital asset strategy.  

Diversified crypto portfolio 

Apart from Bitcoin, the largest cryptocurrency, the company will also hold Ethereum (ETH) and BNB. 

The board would have to approve the purchase of any additional tokens beyond these two. 

You Might Also Like

Jiuzi says that it will adhere to high custody standards, stressing that it will not engage in self-custody. 

Jumping on crypto train 

After Tesla, the leading e-car maker in the world, adopted Bitcoin as its treasury reserve asset, some of its minor competitors followed suit. 

Daymak, for instance, introduced the first-ever automobile capable of mining cryptocurrencies back in 2021.    

As reported by U.Today, Faraday Future, a zombie e-car manufacturer whose stock has plunged by nearly 100% from its peak, also recently debuted a crypto strategy, which some viewed as a sign of desperation. Bitcoin comprises nearly half of the company’s crypto index. The company wowed observers with its highly futuristic concept car in 2016, but it has since been plagued by persistent production delays.