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Tesla, Inc. (TSLA) is among the companies hoarding Bitcoin like there is no tomorrow

Posted on by Taylor Reeves
Tesla, Inc. (TSLA) is among the companies hoarding Bitcoin like there is no tomorrow

We recently published a list 10 Companies Are Hoarding Bitcoin Like There’s No Tomorrow. In this article, we’ll take a look at where Tesla, Inc. (NASDAQ:TSLA) stands compared to other companies that are hoarding Bitcoin like there’s no tomorrow.

Cryptocurrencies have been surging since the beginning of the year. After a small dip in January, Bitcoin has been on an upward trend and hasn’t looked back since. The asset is up over 141% year-to-date since December 17, reaching its record high of over $108,000 before falling to almost $107,000 today. President-elect Donald Trump’s victory also had a significant impact on the asset’s price, as Trump has so far shown himself to be crypto-friendly, including his proposal for a “national Bitcoin stockpile.”

The New York Times reported that Eric Trump attended the Bitcoin MENA 2024 conference in Abu Dhabi, where, in addition to his family’s strong support for the cryptocurrency, he also highlighted his father’s presidency, which he said was “pro-crypto” -Presidency in the history of the USA.

As Bitcoin gains traction as a reserve currency for governments and central banks, its adoption continues to grow, with institutions and companies playing a key role in this transformation. The collaboration between traditional financial institutions and established crypto companies signals a significant shift in the market.

In a CNBC interview, Alessio Quaglini, CEO and co-founder of Hex Trust, discussed the next phase of Bitcoin adoption, which will begin when governments and central banks begin using Bitcoin as a reserve asset. This once unthinkable shift is now becoming a reality as some governments already have crypto assets, often due to enforcement actions. Quaglini believes that proactive purchases of Bitcoin, whose supply is limited, by governments will significantly transform the crypto market and go beyond the current institutional adoption phase.

He also addressed the growing competition in the crypto space, particularly from traditional financial institutions. Quaglini emphasized that while these institutions are entering the market, many prefer to partner with established digital asset firms rather than operate independently. This partnership trend is beneficial as it leverages the expertise and infrastructure of digital asset companies to offer crypto services to their customers.

Looking ahead to 2025, Quaglini predicts a structural shift in supply and demand that will drive Bitcoin’s price trend, estimating 5-10% quarterly appreciation. Key drivers of this growth include institutional adoption, with companies like MicroStrategy continuing to buy Bitcoin, and the company’s inclusion in the Nasdaq-100, making Bitcoin more integrated into mainstream finance. Quaglini sees this as an important event that will open the door to even wider adoption of digital assets, particularly in the context of corporate asset allocation.

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