‘Digital tulip’ or new asset class? Bitcoin’s bid to go mainstream
Tesla spent $1.5bn in Bitcoins, a move that could help to cement trust in the cryptocurrency. Elon Musk is famous for sending markets into a frenzy with just a tweet, but this decision seems far more premeditated than that. Interestingly, Musk is not the only one who's making a move. America's oldest bank, BNY Mellon, "said it would start holding and transferring cryptocurrencies for asset management clients, while Mastercard announced it would soon support 'select cryptocurrencies' on its network." With Bitcoin's value now over $51,000, Robin Wigglesworth and Eva Szalay investigate if this is the beginning of its institutional acceptance.
From Financial Times