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Are More Companies Adding Bitcoin to Their Portfolios?

Are More Companies Adding Bitcoin to Their Portfolios?

25 Nov 2020

Reading Time: 3-4 minutes

In the past ten years, Cryptocurrency has always been seen as an alternative investment. Although many only consider it as short term investment, but never as a long-term that would net any worth. Even after its initial spike in 2017, people still had their doubts about Bitcoin and those doubts were confirmed after it crashed in early 2018.

Bitcoin has always had doubters who say it will never be stable enough to be used as a legitimate currency. Something that is on the same level as the dollar. Recently, we have seen signs that this may not be the case. The Bitcoin community has been buzzing in the last few months as seemingly every week. There is more positive news about Bitcoin and its future.

This recent wave of momentum that Bitcoin has gotten started when the Crypto Research Report (CRR) made a bold prediction that Bitcoin would continue to increase in value and by 2030 would be worth $100,000 USD. This was greeted with a lot of scepticism as Bitcoin had recovered from that dip in 2018 but had shown no signs of another spike, until May.

May was the last halving event of Bitcoin, and since then it has stayed at a consistent price and has not dropped below $13,000 AUD. This was predicted by many investors as the halving event would slow down the supply, and the demand for Bitcoin would stay the same.

This price growth continued, which was a very positive sign for Bitcoin fans. Still, it was not until the start of October that the news really started flowing.

We have had three massive pieces of news this month, and all of them have left any Bitcoin investors smiling ear to ear. The first bit of news came when Paul Tudor Jones, who is a billionaire investor, claimed that Bitcoin could very well be the future and expressed his confidence in the coin.

The second came after Bloomberg Intelligence Commodity Strategist Mike McGlone predicted that Bitcoin could be worth $100,000 USD as soon as 2025.

The final piece of news came after PayPal confirmed a rumour that some had speculated a few months back. PayPal confirmed that in 2021 they would allow users to buy, store and sell Bitcoin and three other cryptocurrencies on their platform.

This could just be the start of Bitcoin news to come, and there is another small stat that starts to tell a bigger story. 3.75% of all Bitcoin (roughly 800,000 Bitcoins) is currently in the treasuries of several publicly traded companies which shows that large companies also have faith in Bitcoin.

As more companies add Bitcoin to their portfolios, it only adds value to the already rising Bitcoin. It confirms what original investors have been staying for years. Bitcoin will serve as a legitimate alternative to traditional currency.

Bitcoins price is currently $18,225 AUD. To keep track of its price over the next few months, you can use our crypto tracker.

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