Hmm i wonder what would happen if Tesla suddenly bought like 1.5 billion dollars of bitcoin and started accepting it for products…
Okay, so the Tesla news has been breaking the interwebs today but let’s take a moment and really break down why this is such a big deal.
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A lot of the price action we’ve currently seen so far this year has been credited in large part to institutional buying and more companies buying bitcoin and putting it on their balance sheet. Michael Saylor the CEO of MicroStrategy has really been one of the main champions of this – showing other companies that this can be a way to help convert assets that are currently depreciating such as cash… and turn it into a much better-performing asset like bitcoin.
Even though this institutional ball has been rolling and gaining momentum… so far we haven’t really seen like the top dogs, the fortune 500 companies jumping to adding bitcoin to their treasury.
Now with Tesla jumping in… and not just jumping in a little bit… they converted 10% of their treasury to bitcoin… it has essentially given permission to these other companies to follow suit and do the same. Where before they might have worried what their shareholders would think, of them taking such a “risky” move… but now – Tesla’s done it. Elon’s on board. It basically helped to de-risk bitcoin as an asset in the eyes of these companies.
The other thing I haven’t really seen talked about a ton yet – but is a huge part of this… is the impact this all has on potential figure regulations of the cryptocurrency industry.
Because the bigger and faster this goes and the more companies add bitcoin to their balance sheets… the more difficult it will be for governing bodies to put restrictive measures on bitcoin. Because at this point, any action they take would not only impact retail investors… but big companies and their treasuries as well – which is something regulators are likely to be much more cognizant of. It also means our bench is getting deeper and the advocates for Bitcoin are growing bigger and stronger.
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