Bitcoin, the world’s number one cryptocurrency by market cap, has finally managed to rise to just over $ 30,000.

 

 

“Institutional Bitcoin interest will escalate.”

While it may seem like a long way to go to the $ 42,000 ATH specified, according to a Tesla investor, things don’t look too bad for the asset. The investor in question is confident that more companies will buy BTC in the coming weeks and months and add it to their balance sheets.

Cathie Wood, CEO of Ark Investment Management, who owns a stake in the auto company Tesla, explained in a recent interview:

I think we will hear more companies putting this hedge asset Bitcoin on their balance sheets. I am especially talking about technology companies that understand technology and are comfortable with it. I believe there is no better measure against inflation than Bitcoin.

Bitcoin, the world’s number one cryptocurrency by market cap, has finally managed to rise to just over $ 30,000.

 

The impact of corporations became quite noticeable in 2020, when companies like MicroStrategy started investing hundreds of millions of dollars in the world’s primary digital currency. It is estimated that MicroStrategy may have invested more than half a billion in the asset. This eventually paved the way for other corporate companies such as Square, MassMutual, and Stone Ridge to do the same.

Apparently, Bitcoin has done so well in the last few months alone that the currency is no longer viewed as just a speculative asset. Many firms and individuals view Bitcoin as a store of value or protection that could potentially keep their wealth safe in times of economic conflict, and with inflation rising recently, many businesses are now confident that Bitcoin will keep them stable.

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Wood is confident that more companies will do their best to buy and add Bitcoin to their portfolios as they become more familiar. Additionally, he stated that many companies reached out to him to ask questions about the benefits of bBtcoin and are currently considering whether it is a good idea to make a purchase.

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