There is an ongoing market boom of cryptocurrency, and this has caused an influx of several new retail and industrial investors that are entering this ecosystem. The entry of industrial giants into the crypto world is one of the prime drivers of this Bitcoin growth loop.
These giants are leaning towards Bitcoin and other cryptocurrencies swiftly because of the upside that is associated with this coin. These retail giants belong to different sectors, and they are extensively investing in Bitcoin and other currencies as a hedge against inflation. They are also exploring the infrastructure of Blockchain.
In India itself, there is an investment in CoinSwitch Kuber by over 3 million users since the start of the uptrend. Cryptotrader.software is one of the websites that is upholding Bitcoin time.
- Microstrategy: This is a firm providing business intelligence solutions. It is heavily investing in cryptocurrency since August 2020. The investment in Bitcoins alone is $475 million. This was then followed by a move to issue a senior note that is convertible worth $650 million to generate funds, and this was added to buy more coins for their reserve in December.And then, they again purchased 262 BTC on March 12. This makes their stake of BTC be around 91,326 in their treasury reserve. These investments that they are making in this digital asset are proof of the confidence that they have in this cryptocurrency. The founder of the company Michael Saylor is a huge Bitcoin advocate, and he endorses the coin through his Twitter account.
- Tesla: Elon Musk from Tesla has shown his outspoken views on the latest and upcoming technologies, and he has mentioned cryptocurrencies, especially BTC, in it. He continuously shares his views about these decentralized technologies, and recently the company has made a huge investment of $1.5 billion in BTC. This reinforces the optimism of the company towards this currency.The company has also announced that they would allow the coin as a means of payment for their products. They have also mentioned that the coins that will be received as a form of payment would be retained and will not be converted into fiat currency.
- Paypal: This company is a payment giant, and it is one of the key players that have helped BTC and crypto to become the mainstream currency by providing the facility of crypto payments. The company first announced its intention to launch the mode of crypto payments for BTC and other popular cryptocurrencies by the end of 2020. This is now already implemented for US users, and in upcoming months it will be made available for a user base in other countries as well.The company sees the potential of this decentralized currency as a mode of payment and does not restrict these coins to an asset class. The main challenge to do this change will be to withstand the volatility of this platform. They are trying to curb this issue by settling their payments in fiat currency.
- JP Morgan: In the past time, the CEO of JP Morgan, Jamie Dimon, has mentioned raging opinions about Bitcoin. He even mentioned that this currency is a fraud. This was mentioned in the year 2017. But with the changing times, the company and its CEO have moved over to the other side. Lately, the company is showing active interest in the currency. They have mentioned that the cryptocurrency would surge to a value of $146K in the long run.The giant company is regularly taking initiatives to provide their clients with increased exposure to BTC and other cryptocurrencies having structured notes. This note is tied to the stocks which are indirectly and directly associated with cryptocurrencies and other digital currencies.Various other banks are having unfavorable opinions towards cryptocurrencies, and now it has taken a 360-degree turn towards the trading of cryptocurrency.
The entry of cryptocurrency is on the rise with the growing demand of the customers. The trading of bitcoin has been increased after a small pause in 2018. Along with this, wall street is also facilitating the bitcoin ETFs.