• Thu. Feb 29th, 2024

Analysts Tout Oracle Corporation As Next Entity To Purchase Bitcoin

Phillip Seefeldt

ByPhillip Seefeldt

Feb 10, 2021

Oracle Corporation, the multinational company, owned by the famous tech businessman, Larry Ellison may follow Elon Musk’s footstep to invest heavily in Bitcoin. Mark Keiser, a crypto analyst closely watching the influx of powerful entities into the crypto market, made the suggestion.

Last week’s Tesler’s move to invest in Bitcoin will serve as a green light for more financial institutions and other big companies to join the expanding world of cryptocurrencies. According to Keiser, Oracle is tipped to be the next buyer of the digital asset. As soon as Tesla put a whopping $1.5 billion in Bitcoin, pundits have asked for the next influential company to toe the line. Kaiser, in his analysis, concluded that Oracle would be the next in line.

Is the Speculation About Oracle True?

Last week, Tesla shook the crypto world when it announced that it invested a significant sum of money in Bitcoin last month. The crypto world became the trending news late last year when MicroStrategy, the business consulting firm, invested over $1 billion in Bitcoin. After that, other powerful and influential individuals started joining the crypto ecosystem.

The influx of prominent individuals and companies saw Bitcoin, and of course, many crypto assets, climb to their record levels. But Tesla’s endorsement of Bitcoin appears to be the second round of the bullish move, as Tesla is among the most powerful brands globally.

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Contrary to Keiser’s belief, other pundits have been speculating that Apple is the next in line to buy Bitcoin. When Keiser announced that Oracle would be the next big name to purchase Bitcoin, reporters immediately contacted him to verify his claim and source, but he declined. Oracle, a multinational tech company, was established in 1977.

It is one of the top 100 US companies in terms of the revenue base. It is worthy of note that Ellison was appointed as a member of Tesla’s Board of Directors in 2018. This followed his investment in Tesla, with the largest number of shares after Elon Musk.

Ford might also purchase Bitcoin soon

Despite declining to reveal his source, Keiser made another revelation that another big company, Ford, will also invest in Bitcoin, but not soon. He states that the early investment in the crypto world by Musk and Saylor was not surprising because their backgrounds are related to science. Keiser told stakeholders to expect the entrance of Ford, the leading motor company, to buy Bitcoin, but at a higher price.

Keiser says that corporations, including multinational companies and financial institutions, have always been looking forward to investing in cryptocurrencies. However, when Ford shows interest in joining, the price will have risen higher than it is now. As of now, Bitcoin is trading around $45K.

Meanwhile, Michael Novogratz, another analyst, sees Bitcoin climbing up to the $100K mark following recent Tesla’s purchase of the digital currency. He hinged his position on the tendency of other powerful individuals and corporations to follow suit. Bitcoin kept hitting all-time highs, reaching $48,000 before starting a brief correction. Before Musk announced the $1.5 Billion purchase, BTC had been struggling below the $40,000 mark.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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