The ongoing cryptocurrency market boom has caused an influx of new retail investors entering the crypto ecosystem. With over 3 million users on CoinSwitch Kuber alone, the country has been observing participation from lakhs of Indians since the uptrend started. However, one of the drivers of this growth loop remains industrial giants.
They are swiftly leaning towards cryptocurrencies, primarily Bitcoin, as they notice the upside that lies there. Industrial giants from multiple sectors have been extensively investing in Bitcoin as a hedge against inflation and are exploring the blockchain infrastructure.
Here’s a list of companies that have time and again upheld Bitcoin:
The business intelligence solutions firm has been heavily investing in Bitcoin since Aug 2020. They invested around $475 million in Bitcoin, followed by a feisty move of issuing a convertible senior note of $650 million to raise funds and add more Bitcoin to their reserve in Dec 2020.
And just like another regular day, they went Bitcoin shopping on March 12 to buy another 262 BTC. Currently, MicroStrategy holds around 91,326 BTC* in their treasury reserve.
Not only do their investment in the digital asset speak for the confidence they have in Bitcoin, their founder, Michael Saylor, is also a Bitcoin advocate who has been endorsing it through his Twitter.
Elon Musk has been known for his outspoken views on upcoming technologies, and he has vastly covered Bitcoin under it. He has been sharing his views about Bitcoin and Cryptocurrency for quite some time now. And Tesla’s recent investment of $1.5 billion in Bitcoin reinforced the company’s optimism towards it.
Additionally, they have also recently announced the allowance of Bitcoin as a payment means for their products. Elon Musk even shared that the Bitcoins received as payments will be retained and not converted into fiat.
The payment giant PayPal has also been one of the key players that have helped Bitcoin and Crypto become mainstream through facilitating crypto payments
They first announced their intention to launch the crypto payments for Bitcoin and a few other cryptocurrencies towards the end of 2020, which is now in action for US users and will be live for all of their user base in the coming months.
PayPal sees the potential to use cryptocurrencies as a means of payment and not restrict them to an asset class. The biggest challenge in which will be to withstand volatility which they are trying to curb by settling payments in fiat.
In the past, Jamie Dimon, CEO of JP Morgan, has held raging opinions against Bitcoin; he even remarked and called it a ‘fraud’ in 2017. However, they seemed to have jumped over to the other side lately as JP Morgan has been actively showing interest in Bitcoin. They have made a speculation that Bitcoin could surge to $ 146000 in the long term.
JP Morgan is also taking initiatives to give their clients exposure to Bitcoin and other cryptocurrencies with structured notes. These notes are tied to a basket of stocks that are directly or indirectly associated with cryptocurrencies and other digital assets.
Goldman Sachs is another investment bank that had previously held unfavourable opinions around cryptocurrencies and has now taken a 360° turn as they revive cryptocurrency trading.
Their entry into the ecosystem comes when cryptocurrencies are on the rise with growing demand from their customers. They have resumed their Bitcoin futures trading desk after pausing it in 2018. Along with this, the Wall Street bank is also exploring to facilitate Bitcoin ETFs.
Is Bitcoin for retail investors?
Indeed many industrial giants have shown interest in Bitcoin either by investing in it or by facilitating it. As a result, globally, many individual investors are also dipping their toes in cryptocurrencies.
Currently, the value of 1BTC stands at Rs 43,021,03; however, exchanges like CoinSwitch Kuber enables you to buy a share of Bitcoin with a minimum amount of Rs 100.Source : economictimes.indiatimes.com...