Cryptocurrencies
Tesla’s Bitcoin-Equals-Cash View Isn’t Shared by Crypto Owners
- Mere 0.3% of 2020 merchant transactions made with crypto
- Holders remain unwilling to spend Bitcoin amid the price surge
This article is for subscribers only.
Elon Musk’s decision to stash 8% of Tesla Inc.’s cash reserves in Bitcoin animated the crypto universe.
Now was Bitcoin’s moment, its arrival on the fourth-biggest company’s balance sheet is a gateway to wider acceptance as a cash alternative. Longtime booster Mike Novogratz suggested soon “every company in America” would accept it as payment. Michael Saylor, whose company, MicroStrategy Inc. parked more than $1 billion in Bitcoin, said the dollar’s days as a reserve currency are toast. RBC Capital Markets analyst Mitch Steves urged Apple Inc. to follow suit.