Elon Musk’s Tesla purchased $1.5 billion in Bitcoin yesterday, and with this pivot from a major US company, Bitcoin may now be forced onto the agenda of corporate treasurers worldwide.

Currently, at least 6% of all BTC, more than $50 billion, are already in corporate treasuries, as noted by Bill Barhydt, CEO of Abra, the company which has been stacking since it started generating a positive margin contribution. “Now our profits go straight into Bitcoin,” said Barhydt.

As of today, 19 publicly traded companies are with bitcoin holdings on their balance sheets, with their total aggregate bitcoin holdings just over $5.5 billion.

Tesla hasn’t made the biggest purchase, with the publicly-traded MicroStrategy leading in these numbers, but it certainly is a major US company with a CEO, the world’s richest person, who is very vocal about his support for Bitcoin and other cryptos like DOGE.

Tesla likely holds more than 40 000 BTC in their corporate treasuries after their $1.5b investment into bitcoin. pic.twitter.com/VXNS3KYsdo

— Vetle Lunde (@VetleLunde) February 8, 2021

After correctly anticipating Tesla’s Bitcoin move, Crypto Twitter (CT) is now speculating about which big company would be next to join the popular electric vehicle company.

“We see fundamental reasons for corporate crypto treasury exposure and expect others to follow suit,” wrote strategists at Fundstrat Global Advisors, including David Grider on Monday, citing increased payment acceptance and the threat of disruption from the blockchain.

“We don’t think this happens overnight, but we do think there’s much more room for corporate treasury penetration and expect the trend to continue.”

We have already seen MicroStrategy CEO Michael Saylor hosting a seminar for more than a thousand firms for corporate adoption.

“I wouldn’t be surprised to have an announcement from some of the tech giants Facebook or Google within the year,” said Amber Ghaddar, founder of fintech firm AllianceBlock. “But I think the road is still long for the more traditional treasurers.”

However, it’s not just CT, but even others are feeling the same, with RBC Capital Markets suggesting Apple Inc. follow in the footsteps of Tesla and join the crypto bandwagon.

According to the analyst Mitch Steves, the tech giant could create a sizable new market for itself for growth by developing its Apple wallet into a cryptocurrency exchange. Steves wrote in a note to clients,

”The wallet initiative appears to be a clear multi-billion dollar opportunity for the firm (potential for well over $40 billion in annual revenue with limited R&D).”

Already, we have seen the likes of Square and PayPal joining the crypto squad, resulting in their shares surging, which have already validated the exchange model as a real business, he said.

RBC wrote that the iPhone maker could also consider adding Bitcoin or another digital currency to its balance sheet. “This would send even more users to ‘Apple Exchange,’” Steves said, which would likely further boost Bitcoin prices.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

194 +