New Corporations Entering the Bitcoin Space

Which Companies Are Investing in BTC Now?
By 
Coin Cloud Team
, published on 
November 26, 2021
New Corporations Entering the Bitcoin Space

This is the time of year to be thankful. To be grateful for what we have, and what makes our lives better. But when it comes to finances, sometimes that can be a pretty tall order. And this is also the time of year people spend a lot of money.

If you’ve gone to a grocery store in the past week, then you’ve probably realized prices seem to be rising very quickly. So, along with the kick from your hot sauce, you’re getting a kick of inflation. Low interest rates, combined with inflation, mean that cash is losing its value over time. Businesses are making note of that and taking action. For many, this action involves buying up more Bitcoin. 

Let’s take a look at some of the companies that have already and continue to invest heavily in Bitcoin. They’re no doubt hoping that this strategy pays off, literally. 

MicroStrategy 

MicroStrategy’s Bitcoin strategy is far from micro. The enterprise-focused analytics platform currently holds the highest percentage of Bitcoin supply from the list of companies with Bitcoin. In the third quarter of 2021, MicroStrategy reportedly purchased nearly 9,000 more Bitcoin to add to its stash. According to Coindesk, the value of its Bitcoin holdings is just over $7 billion as the company holds over 114,000 Bitcoin total. 

The company’s CEO, Michael Saylor, has openly shared his thoughts supporting Bitcoin in interviews and on social media. He mentioned that big tech and Bitcoin are developing a promising partnership, and referenced another company on the list (spoiler alert: it’s Square’s Cash App). He’s a big fan judging by his pinned tweet that reads:

#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.”

Tesla

There’s not much that Elon Musk can say or do without impacting the crypto market (and also the stock market). His words have as much power as Tesla’s upcoming Plaid model (which can we just mention goes 0-60 in 1.98 seconds). 

Musk and Saylor often share their thoughts and feelings about Bitcoin on Twitter like two lovebirds passing notes (see what we did there? Tweets. Birds. Ah, forget it.). Tesla entered the Bitcoin market with an initial purchase of $1.5 billion worth back in February of this year. That purchase amounted to 48,000 Bitcoin. Tesla shared that the company sold some of its Bitcoin holdings back in April. Musk had previously announced plans for Tesla to accept Bitcoin payments. Then he changed his mind, disappointing people who want to buy electric vehicles using crypto. Then he relented, but added a caveat: there has to first be evidence that at least 50% of Bitcoin’s mining power comes from renewable energy sources. 

But, that’s not all. Musk also has his rocket company, SpaceX. And, he didn’t leave SpaceX wishing on a shooting star because the company holds some Bitcoin, too. On a personal front, Elon Musk is invested in Bitcoin, Ethereum, and Dogecoin. Now, any time Musk mentions crypto on social media, it’s basically a given that movement within the market will occur.

Square, Inc. 

Speaking of Twitter, let’s get to CEO Jack Dorsey’s other company, Square, Inc. Square is a payment company that you’ve probably come into contact with before. Ever seen one of those tiny white… squares on an iPad for payment purposes? Yup — that’s Square. 

Back in October 2020, Square bought $50 million worth of Bitcoin. Then it added more Bitcoin (3,318 coins to be exact) to its wallet in February 2021. And since 2018, Square has allowed users of its CashApp to buy, sell, and hold Bitcoin. 

ProShares 

ProShares recently got into the Bitcoin game by creating the first U.S. bitcoin-linked exchange-traded fund (ETF). It’s known as ProShares Bitcoin Strategy ETF (BITO). An ETF is a basket of securities, and conventionally includes stocks and bonds. But, now times are changing. 

ProShares created an ETF that gives investors a chance to get involved in crypto. The Fund’s goal is to “provide capital appreciation through managed exposure to bitcoin futures contracts.” Because it’s based on Bitcoin futures, it doesn’t actually invest in Bitcoin directly. Instead, the fund’s performance depends on investors’ speculation about the future price of the crypto. We’d like to hope that things are looking up. 

Companies Accepting Bitcoin 

It’s definitely cool to see that big corporations are actively investing in Bitcoin. 

And, while that’s valuable because it adds credibility to the world of crypto, it’s also useful to know where you can spend your Bitcoin (assuming you already have some. If you don’t yet, keep reading because we will share an easy way to change that.). 

  • Looking to buy a healthy meal or stock up on some all-natural products? Use your Bitcoin at Whole Foods. 
  • If you have a Starbucks app, you can add funds to your balance using Bitcoin. They aren’t yet accepting Bitcoin at their registers, but who knows what the future holds? 
  • Just like Whole Foods, you can get your appliances, plywood, and gardening tools using Bitcoin at Home Depot. 
  • Twitch, the streaming video platform (which is owned by Whole Foods) also accepts cryptocurrency. And, they even accept more than Bitcoin, allowing users to pay with Bitcoin Cash, Ether, PAX, and more. 
  • As an early adopter, PayPal has flirted with accepting Bitcoin off and on since back in the tail end of 2014. The company’s goal was to attract more businesses to the platform, but of course most of these solutions use third-party processors. 

Hello, Good Buy Bitcoin 

If Elon Musk is doing it, you can, too. Big companies are starting to buy Bitcoin as part of their investment strategy and also to offer more ways for consumers to pay for their goods and services. There are even governments, like El Salvador, which became the first country to accept Bitcoin as legal tender. Along with El Salvador, Brazil is reviewing proposed legislation to set up a central body for cryptocurrency regulation, while Venezuela considers how crypto can help with inflation in the country.   

Did you know that you can trade your cash to buy Bitcoin at a DCM, just like you can deposit your cash into your bank account using an ATM? Coin Cloud’s Digital Currency Machines are like highly-advanced Bitcoin ATMs. They’re located around the United States and Brazil to provide you with a way to cash in to buy crypto. 

Instead of dreaming about owning Bitcoin, you can visit your nearest Coin Cloud DCM to make it a reality. Then, you’ll have something in common with Elon Musk and Jack Dorsey. 

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

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