This week has been great for cryptocurrency in terms of institutional investment, it all started when Tesla bought Bitcoin, and now it looks like Twitter may be the next tech company to announce a Bitcoin purchase. We will soon see, as predicted, a significant flow of money into Bitcoin by some of the world's major tech companies, US tech companies especially.
Tesla started this trend, and Twitter seems to be the next one to follow suit, and soon we might see Apple, Facebook, etc
Eventually, all of these companies will begin to provide crypto-related services. There were speculations earlier this week of Apple being one of the next tech companies to enter the crypto game; if this is true, Apple surely does not want to be the last to enter the crypto game. Even if Apple does not buy Bitcoin as a reserve asset, they will probably offer Bitcoin as a service to 383 million Apple pay customers.
Apple already looks like it is lagging because Paypal started offering bitcoin services about a month ago. Visa offers USDC, CashApp offers Bitcoin, and Mastercard, who just joined the Crypto game, will provide a whole range of different crypto services.
There is a possibility that Apple is going to launch Bitcoin and other cryptocurrencies in 2021.
Twitter's Chief Financial Officer was asked about Bitcoin purchase during an interview yesterday; he neither confirmed it nor denied it. Still, he did say that Twitter is looking at a Bitcoin purchase.
It will not be surprising if Twitter buys Bitcoin, but, surprisingly, they have not bought it yet; Twitter's CEO, Jack Dorsey is a massive Bitcoin bull; he already instructed his other company to buy Bitcoin; he loves Bitcoin.
It turns out Twitter has billions of dollars of cash on hand, and like all the other companies sitting on big stacks of money, they are sitting on a melting ice cube.
We are getting ready to see a surge of Silicon Valley crypto purchases as all of these tech companies scrabble to get prominent positions in Bitcoin.
By mid-point of this year, we expect to see about six top 100 companies announce Bitcoin purchases. No one wants to be last, and no one wants to start entering crypto when many companies have already taken the lion's share.
Another thing to note from the interview with Twitter's Chief Financial Officer is that Twitter is also going to be launching a tipping service and content subscriptions. From all the signs, Twitter will purchase Bitcoin very soon, and when that does, expect another price increase.
