Investors are becoming increasingly interested in Bitcoin. Image: Shutterstock
In brief
Institutional investors are increasingly buying up Bitcoin.
Several major firms, among them Tesla, Block, and Coinbase, have collectively purchased hundreds of millions of dollars worth of the cryptocurrency.
For many years, the idea that publicly traded corporations might buy Bitcoin for their reserves was considered laughable. The top cryptocurrency was considered too volatile, too fringe to be embraced by any serious business.
Over the past year and a half, fueled by the economic effects of the COVID-19 pandemic, that taboo has been well and truly broken, with a number of major institutional investors buying up Bitcoin. The floodgates first opened when cloud software company MicroStrategy bought $425 million worth of Bitcoin in August and September 2020. Others followed suit, including payments processor Square and EV manufacturer Tesla.
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