V - Bitcoin Rally Continues With Tesla
As many investors across the globe are wondering how to invest in bitcoin stock, the announcement that much of the crypto world has been hoping for is here: Tesla Inc (NASDAQ: TSLA) has invested in bitcoin. In a SEC filing on Monday, the electric vehicle pioneer has revealed it has invested $1.5 billion into bitcoin under a new policy. Now, Tesla may acquire and hold digital assets both from time to time as well as long term. According to CoinDesk’s Bitcoin Price Index, Bitcoin’s price skyrocketed 14% after Tesla’s disclosure to a new all-time high. Even Square, Inc. (NYSE: SQ) saw its stock going up almost 8% upon Bitcoin’s surge. Besides buying stock with bitcoin, we will also be able to buy Tesla’s cars with it in the future as the company revealed it plans to accept crypto payments.
The bitcoin kingdom is expanding
The 12-year-old bitcoin, which is the oldest and largest cryptocurrency, now has a market valuation of $818 billion. It is just behind Tesla’s $823 billion but ahead of social media gorilla Facebook’s (NASDAQ: FB) $757 billion, according to companiesmarketcap.com. It is still below of gold’s $11.7 trillion market value and even silver’s $1.5 trillion, but there are only seven other publicly traded companies in the world that are larger than bitcoin.
Companies including Square and IBM (NYSE: IBM) are using blockchain, the technology behind the currency, to design and improve digital payments methods. Consumers can purchase goods from Amazon (NASDAQ: AMZN) with bitcoin using a third-party service called Purse. Retailers are finding ways to adjust to the digital currency era ahead by setting up payment systems that enable bitcoin transactions. Among the biggest are Microsoft (NASDAQ: MSFT), AT&T (NYSE: T) and Home Depot (NYSE: HD). Additionally, apps in the Apple (NASDAQ: AAPL) and Google’s (NASDAQ: GOOG) Android stores make it possible for crypto connoisseurs to pay for airplane tickets.
In June 2020, Mastercard announced it was introducing a crypto-based debit card in partnership with Bitpay that could be used at more than 3,000 merchants across the globe. Last fall, PayPal Holdings, Inc. (NASDAQ: PYPL) allowed its 361 million customers to buy, sell or hold cryptocurrencies over its platforms and later this year, they will also be able to shop with it.
Bitcoin is also being adopted by more conservative financial players as even Visa (NYSE: V) just announced plans to implement a pilot program of application programming interfaces that will allow banks to offer their customers a variety of Bitcoin-based services.
A game changer
Elon Musk’s $1.50 billion bet is a game changer for Bitcoin. It could easily be the overturning factor that will prove DocuSign, Inc .(NASDAQ: DOCU) wrong as its CEO Daniel Springer stated last year that blockchain is still too expensive for wide adoption. Expensive or not, it’s coming to ‘stores near you’.
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