Following Tesla and Elon Musk’s massive $1.5 billion purchase of Bitcoin, many have begun speculating about which big company will be the next to make that leap. Will Oracle be the next company to buy bitcoin?
According to Heisenberg Capital founder Max Keiser. Renowned investor and Oracle co-founder Larry Ellison will be the next to follow in Musk’s footsteps and take the plunge into Bitcoin, citing sources. In his podcast, Keiser noted that the same source that told him about Tesla’s Bitcoin purchase gave him the information on Ellison’s potential plan to get involved in the cryptocurrency.
Ellison is worth more than $89 billion and has investments in within multiple areas of the FinTech industry. Additionally, he also holds stock in Tesla.
What makes Keiser’s words more reputable in this case is that he is on the board of Tesla. Meaning he was possibly involved in the decision making or even approved the decision of Tesla’s Bitcoin purchase. Furthermore, it was reported that Musk flew to Hawaii to meet with Ellison in the last week of December. With many now wondering if that meeting had to do with Tesla’s Bitcoin purchase.
Institutional Investors Main Reason For Bitcoin Bull Run
Bitcoin is currently in the midst of an ongoing bull run. That has been largely attributed to the influx of institutional investors.
MicroStrategy Inc. has spent more than $1.5 billion on a Bitcoin purchase that has doubled in value. While the GrayScale Bitcoin Trust continues to buy Bitcoin and now has more than $27 billion in assets under management.
PayPal has enabled its users to buy and sell cryptocurrencies at the start of 2021. A move which saw crypto trading reach $242 million within the first 24 hours. Meanwhile Visa CEO Al Kelly hinted towards their potential support for crypto payments. A move that was soon confirmed by the company as they announced participation in a project to bring cryptocurrencies to banking.