Ark s Cathie Wood told CNBC Tesla and Square made the right decision to invest in bitcoin. However, she said bitcoin will need to mature before more corporations
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Wedbush says Tesla s bitcoin investment will spark further corporate adoption - and highlights 4 stocks already poised to gain from the crypto boom
Wedbush says Tesla s bitcoin investment will spark further corporate adoption - and highlights 4 stocks already poised to gain from the crypto boom
Emily GraffeoFeb 16, 2021, 20:46 IST
Amy E. Price/Contributor/Getty Images
Tesla has paved the way for more corporations to head down the path to owning and accepting bitcoin, according to Wedbush.
The firm says current bitcoin mania is not a fad, but the start of a new era of digital currency.
PayPal, Square, Mastercard, and Visa could benefit from the crypto boom, Wedbush said.
blockchain
You’ve definitely heard of blockchain, but knowing exactly what it means can be trickier. The word has become synonymous with Bitcoin but, in reality, the technology is much more than that.
Many companies are involved in the development and utilisation of blockchain technologies, from the miners to those offering cryptocurrency payment services, and following last year’s explosion of growth, it could well be set to get bigger.
According to research from Markets and Markets, the global blockchain market hit $3bn last year and is forecast to soar to $39.7bn by 2025, growing at a compound annual growth rate of 67.3%.