Corporate uptake hits inflection point as Tesla’s Elon Musk buys Bitcoin.
In a move that has electrified the crypto market, Tesla has added $1.5 billion worth of Bitcoin to its balance sheet and expects to accept the cryptoasset as payment in the near future.
The news is not only another milestone for Bitcoin, which soared 20% on the headlines, but is likely to be a tipping point in the transformation of corporate balance sheets. Tesla’s example could trigger waves of adoption as more CEOs and treasurers are encouraged to add Bitcoin to their own reserves.
One small step for Bitcoin
Speculation over Tesla’s potential adoption of Bitcoin has been widespread in the weeks prior to Elon Musk’s Bitcoin purchase. Musk added Bitcoin to his Twitter bio and later called the cryptoasset an unquestionably “good thing” that