bitcoin $46k
Posted By Eloise Posted On Comment (1)

Bitcoin Breaks Through $46k

Bitcoin just broke through $46k only second ago, reaching a new all time high.

The historical move comes after Tesla announced they invested $1.5 billion into bitcoin this morning in their annual report.

The upward move in the volatile cryptocurrency suggests that investors are expecting other major companies to follow suit and invest a portion of their assets in the cryptocurrency.

As we penned earlier this evening, we are betting that Apple is the next major company to invest a portion of their assets ($3-5 billion) into bitcoin – taking market share from competitors like Square and PayPal.

“Given that Apple has $76 billion of cash and marketable on its balance sheet and the company generates $25-30 billion of operating income each quarter, a bitcoin purchase of $3-5 billion would be miniscule – nothing to get excited about at all. Thus, taking 3-5% of your cash and putting it in bitcoin won’t break the bank – its more of a small rounding error if anything.”

In addition, with the backing of a major company like Tesla into the cryptocurrency, this gives other companies who have wanted to invest in crypto a chance to – likely without the result of a major backlash from their investors.

I’m betting the price of bitcoin breaks through $50,000 in the near term as other major companies invest a portion of their balance sheet into the volatile crypto. I’m also making the bet that small and microcap companies will jump on this bandwagon as a way to get investors to notice them.

By the end of this week, I am expecting more at least a dozen microcap companies no one has ever heard of invest a portion of their assets into bitcoin as a marketing ploy. Finally, as with all bandwagons, don’t be surprised if Kodak converts a portion of their balance sheet into bitcoin as the stock rockets up plus 100%.

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