Dan Ives, the senior equities analyst at investment banking firm Wedbush Securities, says he expects more publicly-traded companies to jump on the Bitcoin bandwagon in the coming months.
In a new CNBC Squawk Box interview, Ives says he believes Tesla will add more to its $1.5 billion Bitcoin position as the electric vehicle maker sees tremendous results from its initial investment.
“I think this is not just a fad. I think Tesla’s going to continue to double down on its Bitcoin investment and you’re seeing from a transaction perspective as well. But no doubt, they’ve made about a billion dollars on paper from Bitcoin. That’s more they made from profit in all of EV (electric vehicle) sales 2020. I think it just speaks to what we’re seeing in terms of this market…
They’re going to dive into the deep end of the pool in Bitcoin because they’re not just doing it from an investment perspective but from a