One Month after Tesla, Revisiting the Business Case for Bitcoin March 15, 2021
Recently, Tesla made waves in the financial markets by adding $1.5 billion worth of it Bitcoin to its balance sheet. That could be the start of something more substantial for the largest cryptocurrency as more companies follow suit.
Tesla also said it bought $1.5 billion worth of Bitcoin, which will be accounted for on its balance sheet as goodwill. Having $1.5 billion worth of Bitcoin on hand will provide the automaker with sufficient liquidity to conduct business in the cryptocurrency.
Some financial pundits are suspicious of Tesla’s move into Bitcoin however, as it represents an investment of a large percentage of its cash over 7% of the more than $19 billion that the automaker possessed in cash and cash equivalents on hand at the end of 2020, according to its most recent filing.
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Meet the 30 Private & Public Companies with Bitcoin Reserves Totaling Over $55 Billion
BitGo, the leading digital asset financial services company, issued a blog post discussing 30 private and public companies that are the first movers to add Bitcoin to their balance sheet or portfolios.
Bitcoin has attained newfound ubiquity over the past year, with prominent figures ranging from Bridgewater s Ray Dallio to Tesla s Elon Musk acknowledging the viability and utility of the asset class. Often referred to as ‘digital gold, Bitcoin is supported by a resilient, peer-to-peer global ledger called a blockchain. Like gold before it, Bitcoin is perceived to be a hedge against rising inflation of the dollar and other global fiat currencies. Bitcoin s popularity and adoption as a reserve asset has further increased over the past year due to the fallout from the Covid-19 pandemic and subsequent monetary expansion.