Tesla Bitcoin Buy Only Beginning Of Corporate Crypto Demand
Tesla news sent Bitcoin and crypto soaring this morning. We see this as an important moment for market validation but are not surprised by the move. In our 2021 Crypto Outlook report we saw corporate crypto buyers as a key catalyst for demand (slide 19: factor #16) and reason for raising our price target on Bitcoin from $40k to $100k. We’re reiterating our bullish view on crypto.
● Tesla $1.5 billion Bitcoin purchase news sends crypto prices to new heights. This morning, Tesla disclosed a purchase of Bitcoin in its latest annual report and announced that the company will start accepting cryptocurrency as a form of payment. Crypto prices are up 10%+ on the news. We think the move is justified and the beginning of a larger corporate demand trend.
● Crypto offers a $1 trillion consumer base opportunity for corporates to support as form of payment. Moves by Tesla, PayPal and others allowing customers to pay with crypto make the assets more usable. We expect this trend to continue. The market cap of Bitcoin and crypto now exceed $1 trillion dollars. We think many companies will look at that stored wealth and that consumer base and start accepting crypto as a greater means of payment. We expect that to get more crypto in the hands of corporates and consumers and we think that wil...Unlock this article by joining our Community!
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