Bitcoin Could Rally Further as Tesla Leads Corporates on Treasury Investments
"The market is now pricing in a high likelihood that many other corporates will copy Tesla," one trader said.
Related News
Genesis Global Trading released its Q1 report on April 28, with corporates leading trading volumes, accounting for $8 billion in spot trading alone. Leading full-service cryptocurrency prime broker Genesis Global Trading has seen spot trading treble in the first quarter. Corporate interest accounted for the biggest slice of trading, with Genesis attributing part of its success to its Bitcoin treasury product “Genesis Treasury”. The Q1 report released on April 28 revealed the firm had processed $31.5 billion in spot trading volume — a 287% increase from $8 billion in Q4 2020. It also saw....
Bitcoin's price volatility may put corporates off from emulating Tesla's decision to invest in the cryptocurrency.
Tesla adding Bitcoin to its corporate treasury back in February was considered an inflection point for the cryptocurrency. A major corporation adopting BTC into its balance sheet seemed like a sign that the BTC has gone mainstream. CEO and “Technoking of Tesla” Elon Musk was apparently convinced by MicroStrategy’s CEO Michael Saylor to follow a […]
New data shows a dramatic rise in the number of Bitcoin wallets holding anywhere between 100 BTC to 1,000 BTC — but there may be a catch. The amount of Bitcoin (BTC) held by whales increased by around 14% after Tesla announced its foray into the cryptocurrency sector in early February 2021.The latest data from on-chain analytics platform Glassnode shows an inflow of roughly $19.5 billion worth of Bitcoin — according to current exchange rates — into wallets that hold at least 100 BTC and a maximum of 1,000 BTC. The deposits spiked right after Tesla revealed in its January securities filings....
Some treasury experts are finding it difficult to understand why Tesla recently bought $1.5 billion worth of Bitcoin — the best performing asset of the last decade. Corporate treasury commentators are criticizing Tesla's $1.5 billion Bitcoin splurge, echoing the well-worn rhetoric of BTC’s volatility.Speaking to Financial Times, Jerry Klein, managing director at New York-based investment management firm Treasury Partners said that there was no use case for plowing corporate cash into Bitcoin.Another critic quoted by FT, Campbell Harvey of Duke University in Durham North Carolina, called....