Elon strikes back

🇮🇹 Per la versione italiana clicca qui.

Elon Musk. Richest man on Earth, patron of Tesla and SpaceX, cofounder of PayPal. Once again, his influence is tangible. At the beginning of February, he expressed his support for Bitcoin. On the 8th of February 2021, the news came in: Tesla Inc acquired $ 1.5 bn worth of Bitcoin. A document deposited at the SEC (Securities and Exchange Commission) and dated December 2020 was disclosed to the public. Through the abovementioned document the firm manifests its will to diversify its investment portfolio through cryptocurrencies, to hedge against the ever-rising inflation.

The announcement was followed by the positive end-of-day closure of TSLA stock, whose gains were although minuscule compared to Bitcoin’s. THE cryptocurrency reached its then all-time high of $ 48,000. That rally had an impact on the market for cryptocurrencies, the day closing at +15.19%.

A fundamental role in the above events seems to be attributable to Michael Saylor, cofounder of MicroStrategy. The hedge fund worth $ 9.23 bn recently hosted a virtual conference aimed at educating world’s biggest firms, many of which are part of the Fortune 500, on cryptocurrencies. Saylor, a proud advocate for Bitcoin’s adoption, was asked again and again about Elon Musk’s possible interest in the crypto market, but always kept quiet, only leaving hints to stimulate his interlocutors’ imagination.

Musk is attracting the media’s attention more and more: his role as an influencer surely has never been clearer.

Now one question remains: how many firms will follow Tesla’s lead? The first hint comes from Ned Segal, Twitter’s CFO, who recently stated in an interview that his firm is working to invest in crypto and to give its employees the possibility to be paid in Bitcoin. Future will show if those words become facts.

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