As you probably know by now, Elon Musk boosted the price of Bitcoin a lot during the past weeks. His latest move rocked the crypto space – Tesla finally buys $1.5 billion in Bitcoin. This will be a move that is definitely going to boost adoption.
CNBC notes that Tesla announced Monday it had bought $1.5 billion worth of bitcoin.
In a filing with the Securities and Exchange Commission, TESLA said it bought the BTC for “more flexibility to further diversify and maximize returns on our cash.”
It’s important to note the fact that Tesla also said it will start accepting payments in BTC in exchange for its products “subject to applicable laws and initially on a limited basis.”
This will be making Tesla the first major automaker to accept do so. More than that, this will give Tesla liquidity in the crypto once it starts accepting it for payments.
The amount of money invested in BTC is a big chunk of Tesla’s investments.
Apple should be the next investor
It’s been just revealed that Mitch Stevens who is a research analyst at global investment bank RBC Capital Markets believes that Apple should get back into the crypto exchange business.
In a CNBC interview, Steves said that based on other participants in the marketplace, Apple could spend about $500 million on research and development of crypto exchange to generate tens of billions of dollars in equity value.
“I really do believe this is a pretty clear opportunity in my opinion because if you look at Square’s R&D (research and development) budget, they spend about $670 million per year. Apple generates cash flow of that amount in less than 2 and a half days,” he said as cited by the Daily Hodl.
He continued and explained, “So the amount of R&D expense it would take to create a crypto exchange for them – just to be clear, they don’t even need to own any crypto assets – they could just create an exchange.”