Bitcoin’s market value reached $1 trillion for the first time on Friday, smashing through $54,000 as investors and backers including Elon Musk and Tesla (TSLA) - Get Report pushed the world's biggest digital token past $54,000.
Tesla specifically gave bitcoin its own endorsement this month with a $1.5 billion investment in bitcoin that Musk himself said was “simply a less dumb form of liquidity than cash,” but that Osprey Funds' CEO Greg King sees as more of an endorsement of what bitcoin really is: an investment that holds value and has appreciation potential.
Indeed, Tesla's decision in of itself is likely to convince other Fortune 500 companies and their CEOs also to include bitcoin on their balance sheets as well as in their investment portfolios.
"Elon Musk is a forward-thinking guy. You may not agree with everything he does or says, but he's clearly at the forefront of the technology of the future, whether it's electric vehicles or spaceships or whatever," King told TheStreet.
"I think he's an indicator of how forward-thinking CEOs are going to view the bitcoin opportunity. If we have anywhere near that kind of adoption across fortune 500 companies that are a significant inflow from here."