Elon Musk, the world’s richest man in electric car Tesla (NYSE: TSLA), reportedly bought Bitcoin for no less than $ 1.5 billion, but the real news is that the company will allow customers to purchase its cars using the blockchain currency, (for the full article). The move is a WIN-WIN for Tesla and Musk, the good news alone brought life back to the currency and jumped Bitcoin to an all-time high, tonight the company earned over $ 200 million. In addition to the speculative investment, the move opens up another option for people interested in investing in Bitcoin – owning Tesla shares, thus bringing life back to the stock.
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At the start of the year, Bitcoin set its latest high, then stood at about $ 42,000 and managed to fall to a level of about $ 30,000. Since Bitcoin has been faltering, perhaps because the dollar is showing a similar trend – the belief in the currency or the flight from the dollar? What drives Bitcoin. It is also possible that the stories of the “almost millionaires”, the same people who lost millions of dollars due to the loss of a password or a disk on a key, revealed another side of the technology that is in its infancy. Perhaps it is a smart system, valuable and groundbreaking but in its infancy and in the learning curve stage.
The process of purchasing the digital currency is simple, however, it requires the purchase of a “digital wallet” and opening an account with digital currency exchange companies, and no less important personal responsibility. But there are other ways to invest in Bitcoin (not trading platforms), GBTC for example, the ETF that tracks the price of bitcoin and has the highest correlation with the digital currency. You can also invest in companies like Tesla, which are exposed to Bitcoin, meaning that they have a positive correlation with the currency. These companies have usually made a massive investment in the currency or have related activities like mining, trading and more.
Silvergate Capital (NYSE: SI)
A bank focusing on the digital currency industry. As of the fourth quarter of 2020, the company has announced that it holds digital currency deposits worth about $ 5 billion – mainly Bitcoin. At the same time, the stock has managed to jump about 110% since the beginning of 2021, and a total of about 800% since the beginning of 2022.
Microstrategy (NYSE: MSTR)
Micro provides cloud services, mobile software and especially business intelligence. The company was among the first to declare the acquisition of Bitcoin on a significant scale as a tool for hedging the dollar, and is therefore identified with the currency, but for a company worth about $ 9 billion significant business activity other than investing in Bitcoin. In August, the company acquired Bitcoin for about $ 250 million, and has since continued to purchase and now owns 71,079 coins. As of today, Bitcoin is worth almost $ 3.1 billion, over 33% of the company’s value.
Paypal (NYSE: PYPL)
The fintech giant is an example of how you can make money from the currency without holding it. The company did not announce the acquisition of Bitcoin for the balance sheet, but signed a cooperation agreement with the cryptocurrency company Paxos, for the purpose of launching a new service. With the opening of 2021, it allows US users to use digital currencies as “cash” for everything. In addition, through the PayPal account, users will be able to buy and sell digital coins. This is a breakthrough, as PayPal makes digital currencies available, without converting them on the stock market.
SoFi (NYSE: IPOE)
Sophie has not yet been issued, but is expected to merge into the spock of venture capitalist Chamath Palihapitiya. The company was established in 2011 with an emphasis on refinancing student loans for the younger generation and now offers trading in stocks and cryptocurrencies, personal loans and mortgages, and an array of capital management. The company is positioned at the center of the digital revolution of financial services, and is expected to enjoy continued growth thanks to rising demand for the currency, although it is under low exposure from other companies.
Square (NYSE: SQ)
Square’s founder and CEO, Jack Dorsey, is a well-known Bitcoin enthusiast who was among the first to allow trading in digital currencies. Unlike other fintech companies, Square has a significant holding of Bitcoin, 4,709 coins that were purchased for about $ 50 million and are today worth over $ 200 million. In the third quarter reports, the company announced that its customers had purchased Bitcoin in the amount of approximately $ 1.6 billion, the company earned approximately $ 32 million from this activity.
Bitcoin is the star but technology is the story
Bitcoin brought blockchain technology into our lives when the same encrypted “blocks” were used for the first time. The main idea, making secure transactions and verifying transactions between users without the need for an entity to manage the process, was soon adopted by a number of sectors, and the demand for blockchain is at its peak. The technology enables transactions to be executed quickly, the need for processing and verification is eliminated when it is deployed across a distributed network.
Riot Blockchain (NYSE: RIOT)
Stockchain is pure stock, and there are very few around. The company is engaged in the construction and maintenance of the Bitcoin system through the “proof of work” mining operation. The company is working to promote its bitcoin mining activity. It recently acquired 15,000 Bitmain bitcoin mining computers manufactured by chip giant AMD. The company stated that recent acquisitions are expected to increase its mining capacity by 65%. Riot is considered one of the stocks associated with the currency due to the high correlation between them.
IBM (NYSE: IBM)
Although the company is not in “excellent” condition, it is one of the world leaders and a pioneer in the field of blockchain, boasting more than 500 projects. IBM Blockchain enables companies to create a technology-based data sharing network, and share supply chains. The company’s Food Trust service allows retailers to track supply chains, and among their customers are giants Nestle and Albertson. In addition, the company has developed the IBM Blockchain World Wire payment network, which is powered by distributed log technology.