Buoyed by reports that Twitter is studying the possibility of adding bitcoin to its balance sheet, the company’s stock rose to a new 52-week high of $ 73.18 on February 12th. February 9. At the time of writing, Twitter’s market cap is $ 57.20 billion.
Telsa BTC Move an inspiration
Reports From Twitter’s potential Bitcoin acquisition after Tesla announces its acquisition BTC Worth $ 1.5 billion. The Tesla acquisition is fueling speculation that more large companies may follow the electric vehicle maker in the addition BTC To their reserves. Indeed, I have Mastercard Advertise It will support cryptocurrencies in its payments network.
Also, given the Twitter stock responding favorably to comments made by one of the CEO’s, Jack Dorsey was CEO. Announcing Establish Bitcoin Development Trust. In a tweet, Bitcoin supporter Dorsey said that he and hip hop artist Jay-Z are “giving out 500 BTC To a new endowment called the Trust to fund Bitcoin development. ”According to Dorsey, this entity’s work“ will initially focus on teams in Africa and India. ”
Stock rise is inevitable
Meanwhile, one analyst points out that the sharp rise in Twitter share value is not surprising. Vladislav Utoshkin, CEO of TTM Bank, tells news.Bitcoin.com that it is only a matter of time before they “follow other companies”. “Investors are attracted by the company’s approach to new high-profit instruments and investments,” he explains.
According to Utushkin, Bitcoin is one such investment, hence the recent stock moves. The CEO explains:
All investors who bought bitcoins earlier are now making a profit. Bitcoin investing in Microstrategy brought in a return of close to 300%. Tesla’s return on investment in the first 24 hours (after purchase BTC) Exceeding 20%. Of course, after Tesla, other companies’ decisions will be viewed positively, and stocks react to potential growth in capitalization.
Meanwhile, at the close of trading on February 12th, the stock had fallen to $ 71.90.
Do you think Twitter will add BTC To its balance sheet this year? You can share your views in the comments section below.
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