Tesla CEO Elon Musk has declared his support for bitcoin, boosting a number of high-profile money managers, including Paul Tudor Jones.
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- You can now use bitcoin to buy a Tesla
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- Bitcoin: Elon Musk says you can now use it to buy a Tesla - CNN
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You can now use bitcoin to buy a Tesla
The move indicates that cryptocurrencies are starting to go mainstream in Corporate America after years of skepticism. It's one thing for Musk to identify as a "supporter of Bitcoin. Even before Musk's move, there were signs that Bitcoin was gaining traction among those who had shunned cryptocurrencies due to their extreme volatility.
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In a recent interview, CEO Michael Sonnenshein told me that Grayscale is no longer just fielding interest from family offices and hedge funds. Endowments and pension funds primarily outside the United States are also looking to build cryptocurrency exposure. In an era where central banks are printing a seemingly endless stream of money, investors are drawn to the "verifiable scarcity" of Bitcoin, he noted.
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Bitcoin is designed so the total number of coins that will ever be issued is 21 million, bolstering the case for those who view it as a "digital gold. Not everyone is ready to take the leap. Deepak Puri, Americas chief investment officer at Deutsche Bank Wealth Management, told me that he's hearing "a lot more talk from clients" eyeing Bitcoin. But the wealth management team was not actively advocating for crypto investments as of late January.
Bitcoin: Elon Musk says you can now use it to buy a Tesla - CNN
Watch this space: There's plenty of chatter that the rapid spike in Bitcoin prices will lead to a painful correction. But Sonnenshein said Grayscale's clients are mostly making long-term plays, and don't get too worked up over short-term moves. Big picture: Tesla isn't the only Bitcoin bull in town these days.
And if the trend holds, more could join the frenzy in the weeks and months to come.
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Elon Musk tweeted about a bitcoin rival. It soared 20%
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GameStop investor on why he's still holding on. In an interview Sunday on audio-only social app Clubhouse , Musk said he should have bought the digital currency eight years ago.
The audio was no longer available on Monday, but many listeners posted the interview on other platforms, including YouTube. I'm late to the party, but I am a supporter of bitcoin," he said. Investors also have a growing number of ways to gain exposure to bitcoin in traditional capital markets, such as publicly traded companies and exchange-traded funds. Read More.