The total market capitalization of the cryptocurrency market reached an all-time high of $1.44 trillion early on February 10th, 2020 as interest in cryptocurrencies and blockchains continues to increase.
Bitcoin’s value soared on February 8th as news of Tesla’s acquisition of $1.5 billion in Bitcoin were published by major news outlets, which in addition to Elon Musk’s personal endorsement of Bitcoin and Doge, resulted in putting the crypto market in the spotlight for the general public.
As a result of this news, BTC saw its value increase by over $8,000 in less than a day, reaching a new all-time high of $48,025.
Tesla’s move has also generated speculation among investors on the possibility of other institutional players following the steps, with analysts like Paul Steves speculating that Apple could be the next company to invest in Bitcoin.
According to Steves, Apple could disrupt its industry and start to play an essential role in guiding its future by joining the cryptocurrency market, as well as “unlock a multi-billion dollar opportunity with a few clicks.”
Bitcoin Bull Run is Player an Important Role
However, not all experts are so positive about the possibility of other institutions following Tesla’s move.
JP Morgan’s strategists led by Nikolaos Panigirtzoglou, Managing Director of Global Market Strategy at the company, believe that the volatile nature of Bitcoin would act as a deterrent for companies to acquire and hold the cryptocurrency.
While such a risk could be unacceptable for some investors, it is important to keep in mind that Tesla’s SEC filing stated that the company “may or may not liquidate [the BTC] upon receipt”, which would open the doors to using Bitcoin only as a payment method if the risk becomes unacceptable to its management
Twitter is Considering Paying Salaries in Bitcoin
Twitter could be the next giant to invest in Bitcoin after Tesla’s new investment strategy.
According to Ned Segal, Twitter’s Chief Financial…