Since buying bitcoin, Tesla’s share price has plummeted by 30%. Will Apple enter this market

In early February, Tesla, an electric car company led by Elon Musk, a cryptocurrency supporter, added $1.5 billion worth of bitcoin to its balance sheet. Tesla’s bitcoin purchase led to a surge in bitcoin prices, which rose to an all-time high of nearly $60000 as of mid February. So far, however, bitcoin prices have fallen nearly 20% since then, while Tesla shares have fallen 30% since it revealed it had bought bitcoin. Now, Tim Draper, a bitcoin billionaire, has hinted that both apple and Netflix could follow Tesla’s lead in bitcoin, warning that concerns about inflation would drive companies to switch to bitcoin. “Apple has so much cash,” draiper said this week at a panel meeting at the 2021 Montgomery summit. If they don’t spend money on things, their shareholders’ assets will naturally depreciate over the next three to four years, because we’ve printed a lot of dollars. “ According to the latest earnings report, Apple has nearly $200 billion in cash on hand, making it the largest cash reserve among Listed Companies in the United States. Asked if it would consider buying bitcoin, apple did not respond to a request for comment. In 2014, venture capitalist Tim Draper made a fortune by buying 30000 bitcoins of the dark silk road auctioned by the U.S. bailiff for $18.7 million. He also predicted that Netflix, a streaming media giant, might also consider buying bitcoin. “Did you know Netflix might be the next company?” Mr. Draper said on an unstoppable podcast? I think reed Hastings (co CEO) is a very innovative person with a lot of creative thinking. If I were the CFO of one of the big institutions, I would say, “we have to hold a certain percentage of bitcoin,” because it’s a hedge against another currency becoming the future currency, and it’s also a hedge against inflation. ” However, it is understood that Netflix has no plans to include bitcoin in its portfolio. Bitcoin prices are volatile, currently around $50000, up nearly 400% since the latest bull market that began in October last year. Many bitcoin investors believe bitcoin prices will continue to climb, but others, including the billionaire philanthropist Bill Gates, are more cautious. Last month, it was said that Tesla’s share price is now directly linked to the price of bitcoin. Daniel ives, an analyst at investment bank wedbush, told CNBC: “musk is closely related to the bitcoin story in the eyes of Wall Street, and although Tesla made a $1bn book profit in its first month of owning bitcoin, it also brings extra risk.” Tesla is not the only big bitcoin buyer to suffer losses in recent weeks, and shares in MicroStrategy, a business intelligence software company, have halved since bitcoin peaked in early February. Michael Saylor, CEO of MicroStrategy, is one of the biggest supporters of bitcoin. The company started buying bitcoin last summer and has been enriching its bitcoin holdings ever since, bringing the company’s bitcoin holdings to 90000.

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