In this episode of Be[In]Crypto’s Video News Show host Juliet Lima takes a look at some of the most bullish companies on cryptocurrencies.
While Block Inc., Tesla, and MicroStrategy have demonstrated their crypto credentials the most, other companies are steadily catching up.
Formerly known as Square Inc., the financial payments company was recently renamed Block Inc. According to the company’s website, the new name “has many associated meanings for the business – building blocks, blocks neighborhoods and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code and obstacles to overcome.
Block is led by perennial cryptocurrency advocate Jack Dorsey, who recently left his role as CEO of Twitter to focus on Block because he saw it as more important. Currently, among cryptocurrencies, Dorsey is an advocate for bitcoin in particular, of which the company holds 8,027. Especially in his support for the original cryptocurrency, Dorsey said he believes it will be the native currency. of internet.
The company is a global ecosystem of many companies united by their goal of economic empowerment, including Square, Cash App, Tidal, Spiral, and TBD. Spiral was launched to improve the Bitcoin ecosystem by contributing to open source projects, while TBD is an open development platform designed to facilitate the creation of decentralized financial applications.
Block’s foray into crypto with App Cash has led other competitors to follow suit, with PayPal and Robinhood also allowing cryptocurrency within their businesses. As most of their efforts revolve around the open network on top of Bitcoin known as the Lightning Network, each company’s job will be compounded as they all contribute to the same underlying payment network.
Another billionaire tech guru notable for his penchant for cryptocurrencies, but probably more infamous, is the inimitable Elon Musk. Although he is also known for building rockets with his company SpaceX, he first made his money in payments as one of the founders of what would become PayPal.
Today he is best known for electric car leader Tesla, which made headlines last year by investing $1.5 billion in Bitcoin, of which the company currently holds 43,200. afterwards, Musk said the company would accept Bitcoin as payment for its vehicles, but later balked at the prospect citing environmental concerns. However, he said that once Bitcoin mining reduces its ecological impact, society will reconsider accepting crypto as a form of payment.
As part of these efforts, Tesla recently announced plans to partner with Block and blockchain technology company Blockstream to mine Bitcoin using more sustainable solar power in Texas. Tesla will provide a 3.8 megawatt solar array to power the mine, along with 12 megawatt-hour Tesla batteries to store any excess energy. The system will power 30 petahashes per second with 100% solar power and will regularly release reports detailing the specifics of the mine’s power consumption to show Bitcoin’s ability to be a driver of future green energy developments.
Despite being a previously unknown US company providing business intelligence, mobile software and cloud-based services, MicroStrategy burst onto the crypto scene in August 2020 when the CEO Michael Saylor first announced the listing of Bitcoin on the company’s balance sheet.
Besides developing software to analyze internal and external data to make business decisions and developing mobile apps, the company now holds the most Bitcoins of any company in the world, with some 129,218.
Saylor has become one of Bitcoin’s most prolific supporters, regularly appearing on podcasts, conducting interviews, or speaking at any sort of crypto conference. He also frequently uses his 2.3 million Twitter followers to spread his Bitcoin gospel.
He believes that holding corporate reserves in cash is unwise and that Bitcoin will eventually replace gold, giving him a valuation estimate of $6 million. While Saylor may sound somewhat delusional for having this perspective, the billionaire actually graduated from MIT with a double major in Aeronautics and Astronautics and Science Technology, and Society.
Other Notable Crypto Companies
While we believe these three companies are the most bullish on crypto, others are gaining traction by buying large amounts of crypto or promoting it through advertising or other channels. These also include many crypto mining exchanges and companies.
Companies like Coinbase, Marathon Digital Holdings, and Bitfarms Limited are trending up the Bitcoin rankings. Other companies are going the sponsorship deal route, like Crypto.com. In addition to its logo prominently displayed on fight rings and UFC merchandise, the arena where the Los Angeles Lakers play is known as Crypto.com Arena. Rival crypto platform FTX also went down this route, buying the home arena naming rights for the Miami Heat.
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