Tesla, the latest institutional giant to make a Bitcoin purchase, has rekindled a positive sentiment within the crypto market and sent BTC to a new all-time high of over $40K with its $1.5 billion endorsement.
With billionaire Elon Musk’s Tesla joining other institutions such as MicroStrategy and Square in adding Bitcoin to its treasury reserve, speculations have been spurred within the crypto sector as to who may possibly be the next firm to make a hefty BTC purchase. A report released by RBC analyst has even gone so far as to suggest that Apple should be the next one to join the wave of institutional investors backing Bitcoin. The report indicated that Apple could potentially generate as much as $40 billion in annual revenue with a Bitcoin endorsement.
JPMorgan strategists have also weighed in on institutional firms backing Bitcoin. They said that while Tesla endorsing Bitcoin was great for the industry, investors should not expect an institutional trend to start that easily….