According to one estimate as of the end of 2020, there are thousands of U.S. businesses accepting bitcoin. And this number does not include bitcoin ATMs. An increasing number of companies worldwide are using bitcoin and other digital assets for investment, operational and transactional purposes.
Previously, when people were attracted to crypto because of the price spikes, many non-professionals tried their hand at the cryptocurrency market with the only aim to make a profit. But when prices fell again, people who invested in digital currency felt insecure and outdated in their decisions.
Today everything has changed. The decentralized concept is a fast-growing trend in the financial market. Many big companies are investing in cryptocurrencies to expand their online payment options. They use bitcoin and other digital assets for investment, operational and transactional purposes.
Although using cryptocurrencies to attract more customers is stimulating and dangerous at the same time, many are jumping into the crypto market believing that they can make great strides. Others believe in the future of the digital economy. Let’s take a look at some big companies' CEOs investing in cryptocurrency.
Apple's CEO, Tim Cook
In November 2021, Cook discussed cryptocurrencies at the New York Times Dealbook conference. He stated that he thought it was a good idea to diversify your portfolio with digital assets. His words reflect the opinions of some financial experts including Suze Orman and Dave Ramsey, who believe that crypto plays a significant role in a diversified portfolio. As long as you have already invested in safer investments and are not investing cash that you cannot afford to lose.
Cook made it clear that he was putting his own money in cryptocurrencies, although he didn't specify the coins. He also affirmed that he had done his due diligence and believes that the cryptocurrency has potential.
MicroStrategy’s CEO, Michael Saylor
Michael Saylor, a billionaire founder of business intelligence firm MicroStrategy, believes that BTC is a better asset, better than the US dollar. He is one of the most prominent crypto investors, having staked most of his personal wealth on cryptocurrencies.
Saylor treats bitcoin as an asset rather than a currency and thinks this attitude makes life easier from a regulatory standpoint. Michael believes that rules only restrict you from using digital assets as a currency, not as property.
Unlike other CEOs who usually avoid discussing their personal investments, Saylor has made it public that he personally owns 17,732 BTC.
Elon Musk, CEO of SpaceX and Tesla
Billionaire Elon Musk has often tweeted about different cryptocurrencies, and some experts believe that he even influenced their prices in this way.
For example, several times during 2021, the price of a Shiba Inu (SHIB) jumped after Musk posted pictures of his Shiba Inu puppy. Apparently, Musk has clarified that he does not own SHIB and that he only owns bitcoin, ether, and Dogecoin.
However, Elon's relationship with Bitcoin is not entirely positive. In March 2021, Tesla announced it was accepting payments in BTC. Then, just two months later, the CEO abruptly announced that the company would no longer accept cryptocurrency.
Ultimately, Musk holds some crypto assets in his portfolio and has said that his financial success is partly due to the performance of these digital currencies.
By the way, over the past year, Musk has become a strong supporter of Dogecoin and announced that Tesla will allow you to buy Dogecoin for some products. So if you’re interested in this cryptocurrency, you can buy dogecoin with a credit card instantly at the CEX.IO exchange.
Galaxy Digital Holdings founder and CEO Mike Novogratz
In May 2021 Novogratz revealed that cryptocurrencies make up 85% of his net worth, translating to a staggering $4.8 billion.
Novogratz has long been a cryptocurrency enthusiast, although he is a little more selective in his choices compared to other vocal proponents. For example, he criticized dogecoin, calling its surge "bizarre."
Still, Mike acknowledges a broader rally in the digital asset space. He even predicted at one point that investment in cryptocurrencies would account for 2% of global wealth within two to three years.
In September 2021, Galaxy Digital launched a joint Bitcoin ETF offering. The US Securities and Exchange Commission has only approved bitcoin futures ETFs to that date.
Raoul Pal, a co-founder of Real Vision
A co-founder and CEO of financial content provider Real Vision revealing most of his crypto portfolio for public viewing. In an interview with Thinking Crypto, he said that he primarily started out as a Bitcoin (BTC) investor then switched most of his BTC into Ethereum (ETH). Indeed, Pal first bought BTC in November 2013 and sold it for a 10x profit in 2017.
Since then, Pal's view on Ethereum has not changed. In August 2021, he estimated the value of ETH at $20,000 by summer 2022. This prediction was mainly based on its growing use cases as a leading smart contract platform for decentralized finance and NFT activities.
Recently, Pal made a buzz with his tweet about the real amount of BTC he owns. The exposure of his relatively small holding has certainly caused an uproar and concern among true bitcoin supporters. The controversy was instigated by Foss, who posted offensive tweets about Pal. After some conversation, Pal wrote that people like Foss and the ideology of the bitcoin community are the reason why he only holds 1 BTC.
With all these celebrities, as well as large corporations betting on cryptocurrencies, it looks like a revolution is in full swing. Corporations see a number of opportunities in this revolutionary industry. Companies can offer customers an alternative payment option while maintaining the security and quality of services. In addition, corporate traders can invest their money in virtual assets to diversify their portfolios. Cryptocurrency-backed loans are one of the decisive factors in the mass adoption of cryptocurrencies. Businesses can use the additional capital for their development, avoiding lengthy credit checks. Institutional traders can use their trade orders and simply get cash without losing the potential of their crypto assets. Opportunities in the digital economy continue to grow and influencers seeing value in crypto is an additional approval of the upcoming finance revolution.