5 Industrial Giants who vouch for Bitcoin

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The ongoing boom in the cryptocurrency market has caused an influx of new retail investors into the crypto ecosystem. With over 3 million users of CoinSwitch Kuber, the country has seen the participation of Indian lakhs since the start of the upward trend. However, industrial giants remain one of the drivers of this growth loop.

They are quick to lean towards cryptocurrencies, especially Bitcoin, as they notice the upward trend that is there. Industrial giants from various sectors have invested heavily in Bitcoin to hedge against inflation and are studying the blockchain infrastructure.

Here is a list of companies that have consistently supported Bitcoin:

MicroStrategy

The business intelligence solutions company has been investing heavily in Bitcoin since August 2020. The company invested approximately $ 475 million in bitcoin, followed by a determined move to issue a $ 650 million convertible bond to raise funds and add more bitcoin to its reserves in December 2020.

And just like any other normal day, they went shopping for Bitcoin on March 12th to buy another 262 BTC. MicroStrategy currently holds around 91,326 BTC * in its treasury reserve.

Not only does their investment in the digital asset speak for the confidence they have in Bitcoin, its founder Michael Saylor is also a Bitcoin advocate who supports it through Twitter.

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Tesla

Elon Musk is known for his outspoken views on upcoming technologies and has covered Bitcoin extensively. He has been sharing his views on Bitcoin and Cryptocurrency for quite some time. Tesla’s recent $ 1.5 billion investment in Bitcoin added to the company’s optimism.

In addition, they recently announced the approval of Bitcoin as a means of payment for their products. Elon Musk even announced that the bitcoins received as payments will be withheld and not converted into fiat.

PayPal

Payment giant PayPal was also a key player in making Bitcoin and Crypto mainstream by making crypto payments easier.

They first announced their intention to start crypto payments for Bitcoin and some other cryptocurrencies towards the end of 2020, which is now in action for US users and will be available to the entire user base in the coming months.

PayPal sees the potential to use cryptocurrencies as a means of payment and not to limit it to one asset class. The biggest challenge is to withstand the volatility they are trying to contain by processing payments in fiat.

JP Morgan

In the past, JP Morgan CEO Jamie Dimon has voiced violent opinions against Bitcoin. He even noticed it and called it a “scam” in 2017. However, they seem to have jumped to the other side lately as JP Morgan has actively shown interest in Bitcoin. They speculated that Bitcoin could soar to $ 146,000 in the long run.

JP Morgan is also taking initiatives to enable its customers to get exposure to Bitcoin and other cryptocurrencies with structured banknotes. These banknotes are tied to a basket of shares that is directly or indirectly linked to cryptocurrencies and other digital assets.

Goldman Sachs
Goldman Sachs is another investment bank that previously held unfavorable views on cryptocurrencies and has now made a 360 ° rotation to revive cryptocurrency trading.

Their entry into the ecosystem occurs when cryptocurrencies are on the rise with growing demand from their customers. They resumed their bitcoin futures trading desk after a hiatus in 2018. In addition, Wall Street Bank is also examining the facilitation of Bitcoin ETFs.

Is Bitcoin for Retail Investors?

In fact, many industry giants have shown an interest in Bitcoin by either investing in Bitcoin or by facilitating it. As a result, many individual investors around the world are also diving into cryptocurrencies.

Currently the value of 1BTC is Rs 43,021.03; However, exchanges like CoinSwitch Kuber allow you to buy a Bitcoin share with a minimum amount of Rs 100.

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