Just last week on 8th February, the internet was buzzing with the news of Tesla’s announcement of a $1.5 billion investment in bitcoin (BTC) and acceptance of crypto as payment through a filing with the Securities Exchange Commission of the United States of America.
Through this singular action, the price of the bitcoin shot up to new all-time highs. The likes of Michael Novogratz, founder of cryptocurrency investment firm Galaxy Digital and Grayscale Investments CEO Michael Sonnenshein whilst rejoicing on the occurrence expressed hope that more companies in the big 8, would follow in the footsteps of Tesla and diversify their portfolios to cryptocurrency.
Microsoft on the one hand has revealed that it has no short-term plans to invest in cryptocurrency just yet. In an interview with CNN’s Julia Chatterley where the company was asked to reveal its standpoint of possible investment in bitcoin following the Tesla move, Brad Smith, Microsoft president revealed, “I haven’t heard any new conversation about Bitcoin.” In spite of the absence of plans, Smith did not rule out the possibility of the company’s stance on the matter. Speaking to the interviewer, he continued on, “But let me just say, if we change our investment policy on Bitcoin, Julia, you will be the first or at least the second to know.”
Just previously as well on 12th February, JPMorgan Chase’s co-president Daniel Pinto stated that bitcoin and crypto investment may be in the future plans of the company. Giving reasons for this thought, he attributed the decision to the growing attention and demand around the leading cryptocurrency. Twitter is also expected in the space very soon given that its CEO Jack Dorsey has been an ardent supporter of bitcoin even going as far as becoming a node on the network recently.
Taking a moment to appreciate the current king of the attention of investors in the crypto space, bitcoin, just in this week, its market capitalization has surged to new all-time highs overtaking companies like even Tesla. At the time of writing, bitcoin’s market cap is at $959 billion a value worth more than Tencent’s at $920 billion and lying just below Alphabet’s (Google) at $1.4 trillion. Also just today, the coin achieved its highest all-time high of $51,630.86. Experts still predict levels of $53,000 to $56,000 for the first quarter of the year.
However, due to this extreme volatility, JPMorgan strategists have put forward a claim that Tesla’s decision may not necessarily influence big firms to ply the same road stating that its volatility could infect the whole volatility level of the company’s portfolio. In spite of this, with time, we would see which of these companies would take the road less traveled.
What are your thoughts on this development? Let us know in the comment section below.
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