Yesterday, Tesla purchased Bitcoin worth over a billion dollars, and today, it was discovered that Michael Saylor, the CEO of Microstrategy, was responsible for this. It looks like very soon; we will see incredible corporate investment into Bitcoin from significant companies like Apple that will get Bitcoin appreciating to a hundred thousand dollars and probably way ahead of that sooner than most people think.
Bitcoin went past resistance; Bitcoin has moved up 12% past the previous all-time high; $ 50,000 feels very close at this moment.
Bitcoin also just put in the biggest daily candle in its history; it went up by about 8,600 dollars yesterday.
It seems like Michael Saylor was the deciding factor in pushing Elon Musk to purchase such an enormous amount of Bitcoin yesterday. It turns out; he tweeted Elon Musk about a month ago, telling him that in case he was interested in getting Bitcoin, he was going to walk him through it. Until yesterday, we were not even sure if they communicated concerning the Bitcoin investment.
In an interview with Saylor, he neither did confirm nor deny if the conversation between him and Musk took place but instead, he "defended" Bitcoin and gave concrete reasons why, in his opinion, he would instead put his money in Bitcoin than leave it lying around as cash because Bitcoin is a digital currency, a good store of value and is more efficient than gold.
From the look of this, especially after Michael Saylor's conference of last week, it looks like Tesla is not the only institution that is going to be buying Bitcoin; we are going to be seeing more SEC filings from companies in a matter of weeks. If Saylor could "convince" Musk, he will be able to convince thousands of institutions.
This is going to be good for Bitcoin because those are not retail purchases of a hundred dollars and so on; this is corporate purchases, wholesale purchases. These purchases are of companies by Bitcoin by thousands of Bitcoin at a time.
Almost not a day goes by without us hearing about a prominent hedge fund or institution buying Bitcoin. Around 6% of Bitcoin, over 50 billion dollars, is now owned by companies like Tesla, Microstrategy, Grayscale, etc. About 6-7% of Bitcoin is in the hands of private companies and hedge funds. Big money companies own over 12% of Bitcoin, and Bitcoin is already scarce at the moment.
