Why Bitcoin Is Making Its Way onto the Balance Sheet

One of those forms is companies stashing Bitcoin on their balance sheet – a move that’s in its nascent stages, but one that could ultimately prove potent for prices of the largest cryptocurrency.

According to data presented by Aksje Bloggen, MicroStrategy, Tesla, and Square, as the three leading public companies on this list, together hold $7.6bn in Bitcoins.

First, the cryptocurrency can appreciate far more rapidly than traditional currencies.

“According to the company’s financial report from March, MicroStrategy spent over $2.2bn to acquire 91,579 Bitcoins, which are now worth over $5bn.

With Tesla entering the Bitcoin arena in a big way, some market observers are speculating about what well-known companies could be next, with some saying Apple or Amazon make for logical embracers of Bitcoin.

“As the third-biggest Bitcoin buyer among public companies, Square Inc, spent $200 million to buy 8,027 Bitcoins.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass.

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