Tesla’s Bitcoin investment announcement resulted in a one-day Bitcoin price increase of 19.45%. BTC peaked at $ 48,200 this morning. This rise has been on a daily basis since December 2017. was the largest.
After Tesla, is Apple’s turn?
Speculation about which company will come to the sector after Tesla is also on the rise.
RBC Capital Market’s report states that Apple shares could increase by 25% if they added cryptocurrency trading. Recent excitement around bitcoin and crypto markets has resulted in a massive increase in crypto trading volumes.
The trading volume on the itBit exchange rose to over $ 100 million yesterday.
Bitcoin accounted for around 75% ($ 3.8 billion) of Square’s revenue until the third quarter of the year.
Venmo’s rival Square’s Cash App saw a 7-fold increase in Bitcoin transaction volumes in the first nine months of 2020. For 2021, their estimated revenue from Bitcoin is $ 9 billion.
It could be a win-win situation with Bitcoin if Apple joins the industry
Tech giants like Apple do not need Bitcoin investment to take advantage of the market. During the last bull run, many companies used the blockchain narrative for higher valuations instead.
Facebook’s shares, for example, rose 25% after the social media giant announced its cryptocurrency plans in the summer of 2019.
Right now, all Apple has to do is enable Bitcoin trading like PayPal and Cash App without having to sit in a US Senate hearing like Facebook. Moreover, this will also contribute to Bitcoin’s regulatory move in the US. Konstantin Anissimov, managing director of CEX.IO, said the following on the matter:
“If this happens, it could move the legal balance of power in the US Congress in favor of even more Bitcoin.”
RBC’s report stated that if US citizens held crypto in the majority, it would be difficult to ban it.
While the prospects for Bitcoin and crypto-related services are indeed optimistic, the market expects them to invest in Bitcoin like Tesla, MicroStrategy and others.
Tesla is not the first public company to add Bitcoin, or the first among non-crypto businesses. MicroStrategy has been leading this field since September.