Today was a HUGE day for Bitcoin. Elon decided that Tesla was going to invest $1.5 Billion dollars of their cash reserves into Bitcoin. This is shortly after Michael Saylor, CEO of Microstrategy (a public company), invested approximately $2 Billion dollars from their cash reserves into Bitcoin. Saylor starting strategically buying Bitcoin around August of 2020 and you can see that it materially affected the share price of Microstrategy.
He then opens up his Bitcoin playbook to many other companies in late January of 2021, and several weeks after, Tesla buys 1.5 Billion dollars worth of Bitcoin.
THIS IS MASSIVELY HUGE! It’s a signal from one of the greatest entrepreneurs of our lifetime and one of the most valued companies in the world. This gives other companies the “permission” to start allocating some of their cash reserves into Bitcoin because it no longer seems reckless. If a massively successful company is willing to invest approximately 10% of their cash reserves into Bitcoin, it’s a massive endorsement and I’m sure many other large public companies will follow suit.
Building the Stack
It’s been brutal for me to have to build back my stack after the COVID fiasco but I’m forcing myself to not let that dictate the rest of my moves. It’s easy to get down in the dumps but it’s absolutely possible to make good decisions now. Things are looking up and I’m going to continue to play the market and the do the best to continue to grow my BTC position.
Long the CORN!