Dan Ives, managing director of Wedbush Securities, says that big companies are going to start building cash reserves in the form of Bitcoin and other crypto currencies very soon. A major change compared to previous years.
In an interview with CNBC last Monday, Ives said that Tesla’s exposure to Bitcoin was not just “a fad” but part of a long term strategy. According to him, Tesla could double down on his Bitcoin investment in the coming weeks or months…
Ives was referring to Tesla’s recent decision of allocating $1.5 billion to Bitcoin and to start accepting the digital asset as a form of payment. At the time of the interview, Tesla had made around $1 billion dollars in paper gains on its BTC trade. “That is more than what they have made from a profit with all their electric cars sales in 2020” he said.
Wedbush Securities estimates that nearly 5% of publicly listed companies will invest massively on Bitcoin and other digital currencies over the next 12 months. Dans Ives added that the Bitcoin is not a fad, but rather the start of a new age on the digital currency front.”
To be continued!!