Industrial investors and corporate buying of cryptocurrencies

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Industrial investors and corporate buying of cryptocurrencies

Post by Admin » Wed Apr 07, 2021 2:20 pm

Now crypto is not sidelined anymore, industrial investors and corporations are buying them too, meaning crypto is going mainstream.

Monday, February 8, 2021 Elon Musk's Tesla bought $1.5 billion worth of Bitcoin. Giving it a real-world currency value, Musk announced in his tweet on March 24: 'You can now buy a Tesla with Bitcoin'.

And more interestingly, Elon Musk further tweeted: 'Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.'

Additionally, Elon Musk together with celebrity singers Gene Simmons and Snoop Dogg are backing Dogecoin, currently one of the top currencies in Coinmarketcap.com chart with a market capital of over $7 billion.

On February 23, 2021 San Francisco, California based financial services and digital payments company, Square, Inc. announced that it has purchased approximately 3,318 Bitcoins at a price of $170 million. In October 2020, the company bought $50 million worth of 4,709 Bitcoins. The company now owns 8,027 Bitcoins. Square CEO Jack Dorsey, who is also the CEO of Twitter, believes Bitcoin will become world's single currency in 10 years.

In March 17, 2021, Chinese app firm Meitu bought $28.4 million worth of Ethereum (ETH) and $21.6 million worth of Bitcoin (BTC). In early Mrach this year, the tech company bought $22 million worth of ETH and $17.9 million worth of BTC.

US billionaire and owner of Dallas based professional basketball team Dallas Maverick, Mark Cuban, recently revelaed that in his crypto portfolio: he has 60% Bitcoin, 30% Ethereum and 10% other coins. The billionaire believes, Ethereum is very close to being a 'real currency'.

Now we are at the beginning of 2021. As you see, investors and corporations are increasingly buying cryptocurrencies, this year will see a huge and unprecedent transition in world financial system where both fiat and cryptocurrencies will be used parallel in retail and corporate trading with Bitcoin (BTC) and Ethereum (ETH) being on the forefront.


*Update: Major League Baseball sells pairs of tickets for 100 Dogecoin each

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