The world woke up to a shocking piece of news as Tesla announced Monday morning US time that it has bought US$1.5B worth of Bitcoin. There was no indication of how many bitcoins they currently hold, but as of now, they are second only to MicroStrategy in terms of BTC held by a company.
The news pumped the BTC price to a new all time high of US$47,565. At the time of writing this, BTC is chilling at about $46,913. The monthly chart is finally looking like the Kaiju has awoken.
Aside from allocating roughly 10% of their capital to Bitcoin, Tesla also announced that they will be accepting bitcoin as payment for their Teslas.
Dogey Business
So it seems as if Elon Musk is also a fan of magic. While secretly buying a shit ton of Bitcoin, he was memeing Dogecoin and trying to distract the markets from what he was actually doing.
Although to be fair, he did put out a cryptic tweet about being a low-key Loki, the famous Marvel trickster.
Tesla will open the floodgates
The Tesla announcement, and the fact that over 1,400 companies joined MicroStrategy to find out more about Bitcoin for Companies means this is just the beginning. We will start to see more and more companies coming out of the woodwork throughout the year to announce their holdings and acquisition of Bitcoin in their balance sheet.
Who do you think will be next?
Apple? They have a truckload of cash.
Facebook? They will be interested especially with their Diem stablecoin project.
Google? This will definitely benefit their Google Pay ecosystem.
These are exciting times for bitcoin. All of the sudden, we’re thrown back into price discovery mode!
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