[GAM] Bitcoin, US companies adopt one after another?… “If realized, $100,000 at the end of the year”

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[뉴욕=뉴스핌] Correspondent Kim Min-jung = Since electric car maker Tesla Inc (New York Exchange: TSLA) invested $1.5 billion in bitcoin, attention has been focused on the actions of other companies. There is also an expectation that if the majority of US companies invest in bitcoin or allow bitcoin payments, the value of bitcoin will double its current level by the end of the year.

According to Bloomberg News on the 9th (local time), Michael Novogratz, who founded the cryptocurrency investment company Galaxy Digital, predicted that the price of bitcoin could rise to $100,000 at the end of the year as more companies accept bitcoin.

The price of bitcoin soared to a record high of $48,000 on the day, thanks to the favorable investment of Tesla. Tesla revealed that it had invested $1.5 billion in Bitcoin the day before and explained that it will accept Bitcoin as a payment method in the future.

In an interview with Bloomberg TV, the founder of Novograz said, “You’ll see all companies doing the same thing in the United States. It doesn’t have to be large, the message is important.”

Cryptocurrency sign displayed at the 2020 Taipei International Finance Expo [사진=로이터 뉴스핌]

In particular, the founder of Novograz decided that companies could invest in bitcoin as a hedge against inflation (increased inflation) and dollar depreciation.

Michael Sailor of MicroStrategy, one of the earliest companies that started investing in cryptocurrency, explained that the revision of the Federal Reserve’s (Fed) inflation target in September last year was the biggest reason behind the decision to invest in cryptocurrency.

The day before, RBC Capital Markets predicted that Apple could invest in Bitcoin after Tesla. RBC predicts that there is a clear opportunity for Apple to provide a mechanism for buying and selling cryptocurrency, in which case Apple will immediately capture a high market share.

On the other hand, given the conservative cash asset management practices of companies, there is still a strong view that they will not follow Tesla.

Jerry Klein, managing director of Treasury Partners, told The Financial Times (FT), “Companies are willing to accept relatively low returns by investing their cash assets in quality short-term fixed income securities.” “I don’t think there will be a case of investing in risky assets that can experience significant declines like this.”

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