It is safe to say Bitcoin adoption is now over the roof. The biggest cryptocurrency is soaring higher every day and breaking boundaries along. Bitcoin saw a new all-time high on February 8, climbing to $47,513.57 before settling back to $44,334 and is now down over 1.6% in the last 24 hours.
Bitcoin’s bullish momentum and strong performances for some months now have been fueled by the new wave of institutional investors boarding the BTC ship. One of the things Bitcoin lacked over the years in the world of finance was the trust of big-time financial business institutions. That seems to have changed now as many multi-million institutions are buying and boarding Bitcoin in hopes of securing a handsome return in the future or using it as a store of value.
MicroStrategy, Grayscale, Jack Dorsey’s Square Inc, and now Tesla have all contributed to the institutional influx in the bitcoin market, purchasing Bitcoin with shareholders’ funds. MicroStrategy spent $1.57 billion in total on Bitcoin purchase and has nearly almost doubled in value.
Max Keiser, a Bitcoin pioneer, and co-founder of Heisenberg Capital has now revealed that Bitcoin’s next big corporate buyer is American billionaire, business mogul, investor, and co-founder of Oracle, Larry Ellison. Bitcoin’s recent surge was largely attributed to Elon Musk and Tesla’s 1.5 billion purchase of BTC. Bitcoin’s rise above the $47,000 mark came within an hour after the news broke.
Elon Musk, CEO of Tesla and SpaceX, wasn’t really a fan of Bitcoin in its early stages but has since circled back, endorsing the cryptocurrency numerous times and even on his Twitter account.
Larry Ellison seems set to follow the footsteps of fellow billionaire Elon Musk and add Bitcoin to his company’s balance sheet. Although these are just rumors, Ellison is a board member of Tesla which means he was involved in the automaker’s decision to purchase $1.5 billion worth of Bitcoin.
Musk and Ellison again reportedly met in Hawaii in December last year, further fueling the rumor that the meeting could have been a business one, regarding Tesla’s Bitcoin purchase. Reports suggest that more than $25 Billion of institutional money would flow into Bitcoin this year and Ellison together with his company, Oracle certainly won’t be the last to do so should he decide to purchase Bitcoin.