Larry Ellison, the renowned American investor, and co-founder of Oracle could follow in the footsteps of Elon Musk and add Bitcoin to his company’s balance sheet just like Tesla. Max Keiser, the bitcoin proponent revealed the news citing his sources.
SOURCE: Next big corporate #BTC buyer is Larry Ellison, Oracle
— Max Keiser (@maxkeiser) February 9, 2021
What makes these rumors more formidable is the fact that Ellison is also a board member of Tesla which means he was involved in the decision making or even approved of Tesla’s recent $1.5 billion purchase. During the last week of December Musk reportedly flew to Hawaii to meet Ellison, now many Twitter pundits claim that the meeting could have been regarding Tesla’s Bitcoin purchase.
Just meeting with Larry Ellison to seek some advice. Back working on Tesla end of quarter tomorrow.
— Elon Musk (@elonmusk) December 28, 2020
Ellison’s proximity with Musk could be the potential cause behind the ongoing rumors, however, Kieser on his Podcast noted that the same source that has told him about Tesla’s Bitcoin purchase has tipped him about Ellison’s alleged plan to dwell into Bitcoin.
Institutions Have Started Hoarding Bitcoin and More Would Follow
The ongoing bull run taking Bitcoin price to a new all-time high of above $48,000 was largely attributed to the institutional influx that saw the likes of MicroStrategy, Square Inc, Grayscale, and now Tesla add Bitcoin to their company’s balance sheet. Michale Saylor recently revealed that one estimation suggests nearly $25 Billion of institutional money would flow into Bitcoin this year.
Today we will be interviewing 10 of the most influential leaders in the #Bitcoin marketplace live. Yesterday I was shocked by @NYDIG Ross Stevens' estimate of $25 billion in institutional $BTC assets by year end. Now I am wondering if anyone might beat that? Join us & find out.
— Michael Saylor (@michael_saylor) February 4, 2021
MicroStrategy has spent nearly $1.57 billion in total on Bitcoin purchase that has nearly doubled in value, Grayscale Bitcoin Trust is actively buying Bitcoin, Jack Dorsey’s Square Inc is another institution that has bought a significant amount of Bitcoin, all these institutions are a shining example of Bitcoin’s elevation as the new store of value.
The deterring value of the US Dollar in the international trade market has also made institutions look for the alternative asset as treasury hedge, and Oracle with a $38 Billion valuations can also start with a 10% allocation. As more institutions realize the scarcity and technological superiority of Bitcoin over the traditional stores of value such as Gold, Bitcoin adoption would continue further.