Biopharma exec says Bitcoin could help industry through ‘biotech winter’
Atai Life Sciences founder Christian Angermayer says holding Bitcoin could be a way for biotech firms to survive the blisteringly long approval process required to bring their drugs to market.
NASDAQ-listed biopharmaceutical firm Atai Life Sciences says cryptocurrencies like Bitcoin could be key to survival for biotech startups as they wade through years of regulatory approvals.
Atai, which is developing mental health treatments using psychedelics like DMT and MDMA, has become the latest public company to announce plans to buy Bitcoin.
It plans to buy $5 million of Bitcoin (BTC), its founder and chair Christian Angermayer wrote in a March 20 Substack post.
