Leading Tech Companies Will Compete to Own a Fraction of Bitcoin
Post Tesla-Bitcoin payment integration, analysts have advised mainstream companies to secure their position in the crypto market or risk losing out entirely. The Bitcoin market is valued at $1 trillion, but this value is expected to topple the valuation of leading tech companies like Apple and Microsoft.
Even though these companies have served longer than Bitcoin, the asset is outperforming them almost on a daily basis. It is evidently in their best moment to acquire Bitcoin and share in the gate that competitors who make their way into the market will walk away with.
Bitcoin’s supply could drop faster than we think
This line of thought is shared by many analysts, some of whom have gone ahead to speculate the result of losing out on the highly successful Bitcoin market. To illustrate that companies will be forced to fight over fractions of a coin, Bitcoin in this case, on-chain analyst William Clemente estimates how much space they will take up in the market. He asserted this in a Twitter post saying:
“Let’s say Apple/Google/Microsoft each put 5% of their cash reserves into Bitcoin. They would gobble up Coinbase’s entire order book from now to $100k, 40 TIMES OVER.”
Are Traditional companies ready for Bitcoin?
Clemente is not the only one who believes investing in Bitcoin is a hot cake for institutions. Joseph Young recently opined that companies like Apple, with billion-dollar valuations, would save them from losing funds to inflation.
However, demand may be the only factor that influences these companies enough to have them consider Bitcoin. Although no official data has been presented, from the performance of companies that have integrated Bitcoin, a lot of Apple, Google, and Microsoft users may be very open to the idea of making payments with Bitcoin or other digital assets, if given the opportunity.
Albeit Microsoft seems to be considering the idea, others are yet to show any indications. Next month, the big news may drop, as Coinbase finally goes public. In a previous report, we noted that insider sources revealed that some mainstream tech companies are also investing in Bitcoin privately. If this is true, more institutional money may be coming into the market next month.
At the moment, Bitcoin continues to thrive. Although the market is seeing a drop that analysts claim is a result of Whales trying to deliberately create a dump.
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