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Bitcoin Closes In On $50K After Tesla Announces $1.5B Purchase!

In retrospect, it was inevitable.

“Poor build … Skinny … Lacks great physical structure and strength … Lacks mobility and ability to avoid the rush … Lacks a really strong arm … Can’t drive the ball downfield … Does not throw a really tight spiral … System-type player who can get exposed if forced to ad lib … Gets knocked down easily”

This was Tom Brady’s scouting report before his NFL draft — 7 rings later and he’s cemented himself as the most successful player in the NFL. When I read that report for the first time the other day I laughed because it’s pretty hilarious but it also made me think about the long road Bitcoin has travelled to be as dominant as it is today.

Typically the Monday after Super Bowl Sunday is rough… and in all honesty when my alarm went off at 4am LA time, I wasn’t feeling so hot. That changed immediately when I checked my phone to see that it happened… it finally freakin’ happened… Tesla put Bitcoin on its balance sheet.

From the jump, this week was so bullish for Bitcoin.

  • Tesla announced $1.5B Bitcoin purchase
  • Mastercard discussing crypto support
  • PayPal is bringing crypto to the UK via its Venmo app
  • $2 Trillion Banking Giant BNY Mellon plans to custody Bitcoin
  • Twitter CFO indicates that Bitcoin is on their radar

Ah, the sweet smell of vindication.

What we saw at the desk

For all the reasons above, this week was insanely busy. While everyone got to sit back and enjoy the Bitcoin pump, we were doing everything we could to keep our heads above water. I’m proud to say that the hard work and long hours paid off and we were able to maintain the highest standard of customer service and order execution that our valued clients deserve.

After the Tesla announcement it was all hands on deck onboarding new accounts, facilitating introductory meetings, and processing countless trades. Nothing really changed for the remainder of the week; it was constant.

The large majority of funds flowed into BTC while a smaller portion flowed into ETH and then other alts in anticipation of an even bigger, higher leveraged run from the small caps.

Bitcoin was the clear winner this week jumping from $39k to over $48k on Monday before settling down in the mid-40s, holding its ground, and then rallying back through $48k multiple times on Thursday.

12 days into February and we’ve already done over $21m in trading volume — unbelievable.

What do you get when you mix a Saylor with a Musk?

Other than copious amounts of controversial progressiveness — pure brilliance.

As an investor, I guess all you had to do was front run the MicroStrategy Bitcoin for Corporations conference which had over 8,000 firms represented. Further to the incredible corporate representation, the impressive conversations went viral to over 250,000 people on Youtube — Michael Saylor has since said his phone has been ringing off the hook with immense interest from private companies, public companies, institutions and the like. He’s even gone as far as to publish a corporate playbook for Bitcoin acquisition which is meant to compress the multi-month process down to days for interested firms looking to build their positions quickly.

Businesses are not going to stop putting Bitcoin on their balance sheets. Tesla just ignited the fire. Your first assumption might be that company executives will think that “it’s too late” and that they’ve “missed the boat” but the difference between corporate decision makers and the average person is that typically these business leaders think on a different level. They might start out thinking simply but when they are forced to do the hard work and study Bitcoin some might come to the realization that Bitcoin is heavily undervalued. Bitcoin doesn’t even have to be considered undervalued for it to be attractive to hold on a balance sheet. All it has to do is keep up with inflation to be better than cash.

Think about the discussions Elon Musk had to have had with the Tesla board: a rocket scientist pitching Bitcoin to a group of the smartest people in the world and getting them to agree to a $1.5 billion purchase. Think about all the scenarios they played out; the risks they were willing to take to be early to the trade… fascinating.

It would be naive to think that the buck stops at Tesla. This year we are going to see company after company add Bitcoin to their balance sheets. What we’re not going to see is all of the private companies who can make much quicker decisions doing the exact same thing.

In case you missed it…

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Satstreet serves private Canadian clients including some of the largest Bitcoin mining operations, institutions, and high net worth individuals. Satstreet has raised initial funding from Round13 Capital and several prominent investors.

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Mike Nasser

Mike Nasser

Co-Founder @ Satstreet

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