- Bitcoin price keeps rising as Microstrategy CEO advises Elon Musk to invest in the crypto asset
- Institutional adoption of the crypto asset keeps rising
Micheal Saylor, the CEO of Microstrategy, has offered the founder of Tesla, Elon Musk, an advice to invest in cryptocurrency especially now that Bitcoin price is rising.
Musk who had posted a meme on twitter in which he meant he was trying to resist investing in Bitcoin was given the advice in the reply section by Saylor.
Saylor went on to add that he was willing to share his ideas offline with Musk. He playfully added that the idea would be from “one rocket scientist to another.”
Micheal Saylor tweet had also implied that Musk would be doing his investors a huge favor by investing in the coin. He noted that if Tesla was to invest in Bitcoin, other S&P 500 companies would follow suit and that could lead to the coin getting into a $1 trillion favor.
Bitcoin’s price has risen to over $23k recently.
Institutional adoption boosting Bitcoin price
Bitcoin price has risen massively in the past few weeks. During this period, Bitcoin has broken the 20k barrier and this has played a role in the popularity of the crypto assets on social media networks like Twitter, Facebook and other major sites.
One major reason for the rise in the price of the asset can be traced to the increased numbers of institutions who are now adopting the crypto asset as a viable means of transaction.
Microstrategy currently holds over $1 billion worth of crypto assets. Mass Mutual insurance company also recently bought Bitcoin worth $100 million. Square has $50 million of its assets in the leading crypto asset.
Earlier today, Chris Wood of Jeffier investment bank, advised pension funds to cut their investments in Gold and start investing in Bitcoin because it is now a part of the system.