Tag: Tesla

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Bitcoin Crypto News

Top Public Companies Holding Bitcoin as a Reserve Asset

Bitcoin Outperformed Global Assets in February Despite Facing a 26% Drop

It’s no longer news that the demand for the largest cryptocurrency, Bitcoin (BTC), has significantly increased among institutions and corporate investors. This was predicted by many industry experts after MicroStrategy, a publicly-listed business intelligence company, announced its first BTC acquisition. Many other public companies have joined the bandwagon, with the recent being Tesla, which added $1.5 billion worth of Bitcoin to its balance sheet.

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19 Public Companies are Holding Bitcoin

According to information from CoinGecko, there are presently 19 known public companies holding Bitcoin in their balance sheet. Judging by the total number of BTC held by these companies, MicroStrategy lead the pace with a total of 71,079 BTC, which will be worth US$3.2 billion following Bitcoin’s price of US$45,250 on February 10. However, the company bought the cryptocurrencies at a total cost of US$1.14 billion, per Coingecko.

Tesla joins the list as the second-largest public company. The electric-car manufacturer is expected to be holding at least 42,500, which is worth $1.9 billion at the time of writing. Note that the company’s entry price was US$1.5 billion. So, Tesla’s BTC holding is already up by over US$400 million, as Bitcoin spiked after the announcement.

Other public firms with at least 1,000 BTC include Galaxy Digital (16,402 BTC), Marathon (4,813 BTC), Square (4,709 BTC), Hut 8 Mining (2,851 BTC), Voyager (1,239), and Riot Blockchain (1,175 BTC). About 11 others on the list don’t have up to 600 BTC.

The Herds are Coming

As many experts have opined, Tesla’s move to BTC is very significant to raising more corporate Bitcoin investors. As an S&P 500-traded company, industry players like Mike Novogratz, the CEO of Galaxy Digital, believes that many other popular companies, CEOs, and CFOs, will join Tesla in holding Bitcoin. Based on this, Novogratz predicted that BTC is likely to surpass US$100,000 this year. 

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Bitcoin Crypto News

Uniswap wBTC Trading Volume Hits ATH Amid Tesla Bitcoin News

Uniswap wBTC Trading Hits ATH Amid Tesla Bitcoin News

The cryptocurrency market has been literally set on fire, following the news that Elon Musk’s Tesla has added a sizable amount of Bitcoin in its reserve. The development sparked an increase in trading volume across several major exchanges, including Uniswap. According to Glassnode, the leading decentralized exchange users traded a significant volume of wBTC, the tokenized version of BTC, a few hours after Tesla’s new.

Uniswap Hits ATH in wBTC Trading Volume

wBTC or Wrapped Bitcoin is basically an Ethereum-compatible cryptocurrency (ERC-20 token) backed 1:1 with Bitcoin. The token was developed to enable DeFi traders to gain exposure or access to the leading cryptocurrency. Thus, following the development today, more users on Uniswap were seen trading the tokenized BTC to a great extent. According to a market report from Grayscale, Uniswap recorded more than US$46 million in wBTC trading volume within an hour, making an all-time high for the exchange.

This confirms that Tesla sparked a massive inflow of capital into the leading cryptocurrency, and of course, the development pushed Bitcoin to a new record level in value. Bitcoin reached a new price ATH above US$44,000, and many people are still bullish that the price may increase to US$50,000 later today. Meanwhile, Uniswap isn’t the only exchange seeing massive traffic. Other exchanges like Binance gained massive trading volume, which again required the exchange to scale up.

Elon Musk Finally Buys Bitcoin, not Dogecoin

The CEO of Tesla, Elon Musk, had shilled Bitcoin and mostly Dogecoin as his favorite cryptocurrencies. From his tweets, many industry players could tell that the billionaire would buy Bitcoin. However, the date wasn’t certain.

In addition to buying Bitcoin, Tesla also intends to accept Bitcoin as a payment option for electric cars.

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Bitcoin Dogecoin Investing

Bitcoin (BTC) Hits New All-Time High as Tesla Drops in a Cool $1.5 Billion

Tesla, the world’s favorite electric car manufacturer, has announced a $1.5 billion injection into Bitcoin, sending the king of cryptocurrencies to new highs.

Within minutes of the announcement, Bitcoin catapulted past its previous high of $42,000, very nearly cracking the $44,000 barrier before a mild correction. It currently sits just about $43,000 but we expect to see some more volatility and further growth as the news spreads.

The official announcement follows several hints dropped by Telsa CEO and world’s richest man, Elon Musk, about his faith in Bitcoin. Two weeks ago, Musk changed his Twitter profile to the hashtag #Bitcoin, followed by a cryptic message simply stating “In retrospect, it was inevitable”. That announcement alone gave Bitcoin a massive 20 percent boost in value, although the gains dissipated quickly.

Musk’s Crazy Crypto Journey

Musk’s support for Bitcoin came at a time when financial markets around the world were faced with mounting instability following the WallStreetBets and GameStop saga that nearly bankrupted massive US hedge fund Melvin Capital. The fallout forced popular trading app Robinhood to halt trading, leading to widespread controversy and driving many traditional investors to consider cryptocurrency.

Musk has also been promoting the least likely of digital assets, the joke meme cryptocurrency Dogecoin (DOGE). He did so in a series of bizarre tweets involving photoshopped Lion King imagery that led many to wonder if Musk’s Twitter account had in fact been hacked. However, it seems the tweets were genuine, helping to send Dogecoin to new highs and secure it a place in the top 10 cryptocurrencies by market cap. At the time of writing, Dogecoin is up 104 percent in the past 7 days with a market growth of $6 billion.

Buy a Tesla with BTC

Along with the $1.5 billion investment, Tesla has also announced that it plans to start accepting Bitcoin as a form of payment. In its annual financial report, presented to the US Securities and Exchange Commission (SEC), the company outlines its plan to begin accepting cryptocurrency payments.

“Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt,” the report reads.

The news is undoubtedly one of the biggest boosts for cryptocurrency since Bitcoin was birthed over a decade ago. With the backing of one of the world’s most successful and forward-thinking tech companies, many more businesses around the world are likely to begin accepting payments in crypto.  

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Blockchain Crypto News

Elrond CEO Wants Elon Musk to Integrate Elrond Technology in Tesla

Elrond CEO Wants Elon Musk to Integrate Elrond Technology in Tesla

In a Twitter thread directed to Elon Musk on Friday, the founder and CEO of Elrond, Beniamin Mincu, explained blockchain technology and its potential to revitalize the financial system, and how it’s also going to unlock a massive societal improvement. He further pitched the Elrond technology to Elon Musk, explaining how it can improve transactions between self-driving Tesla.

Elrond is a public blockchain developed to enable high throughput, interoperability, and high-level scalability. It’s reportedly the first to deliver a truly scalable sharding architecture solution.

Blockchain in Tesla

The CEO of Elrond started the thread by explaining how blockchain technology can address the need for a low latency financial, high bandwidth, and decentralized system that can be accessible to people anywhere. While Mincu complemented the Bitcoin and Ethereum blockchain, he mentioned to Elon Musk that Elrond has the capacity to elegantly solve all the above needs.

“Going one step further, I believe Elrond will be the wave that will lift all boats, expanding this space more than any other project. Taking this massive opportunity from a niche group of people, and extending it to everyone in the world,” Mincu wrote.

He then called for a possible integration of Elrond with the Tesla electric cars, saying that the blockchain technology can enable machine to machine transactions between the self-driving vehicles. Mincu further mentioned that the technology can enable a universally accessible financial system when integrated with Starlink, a satellite internet constellation project by SpaceX aimed at delivering high-speed internet to consumers anywhere on the planet.

The CEO of Elrond also said they will donate its native digital currency, EGLD to SpaceX.

Elon Musk Influence on Crypto

The development today follows Elon Musk’s Twitter trend on Friday, which supposedly prompted a spike in the market price of Bitcoin and Dogecoin, which is his favorite cryptocurrency. Musk added a Bitcoin hashtag on his Twitter, which sparked another  bullish tide BTC, as the price rose to over US$37,000. Elon Musk may not have spoken too much about blockchain, but he’s obviously interested in cryptocurrency.