Is Larry Ellison the Next Billionaire to buy Bitcoin?
Institutional investors are getting into Bitcoin. The game has changed and it can be only positive news for cryptocurrencies.
Bitcoin shot up in price after news came out that Tesla bought $1.5 billion worth of Bitcoin. This was a game-changer for the cryptocurrency as Tesla was willing to hold Bitcoin in its Treasury. Telsa made more money buying BTC than selling cars last quarter. Many finance and business titans are also getting into Bitcoin. Two legendary macro investors Paul Tudor Jones and Stanley Druckenmiller have both praised Bitcoin. Stanley Druckenmiller has purchased Bitcoin as part of his portfolio. Paul Tudor Jones has compared Bitcoin to gold in the 1970s. He also mentioned that investing in Bitcoin is akin to investing in an early-stage start-up. Paul holds 2% of his assets in Bitcoin. But no one in corporate America has been a big Bitcoin bull more than the founder of the business intelligence software company MicroStrategy Michael Saylor. MicroStrategy has been buying up a lot of Bitcoin. According to Michael, Bitcoin is the first digital safe haven operating on a digital monetary network. Michael further mentioned that as many loose faith in gold and sovereign treasuries as a safe haven, more corporate treasury departments will put money in Bitcoin.
Oracle has been struggling lately. The company was late to pivot to the cloud and has been struggling to compete with Cloud Computing infrastructure and platform service providers like Microsoft and Amazon. Oracle also sells cloud SaaS software ranging from financial management, supply chain, human resources, and customer experience Cloud SaaS software. But companies like Workday, ADP, and SalesForce are beating Oracle in the SaaS space.
Many have compared Elon Musk to Tony Stark from the Avengers. But the original Tony Stark is Larry Ellison (Larry has a cameo as himself in the second Iron Man movie). Both Larry and Elon are tech titans of their times. They both are also brilliant entrepreneurs. They both are very similar in terms of their eccentric behavior and how they run their companies. Larry Ellison is also an investor in Tesla. Larry Ellison also holds a very positive view of Blockchain technology. Many crypto experts, including one of its earliest adaptors and experts, Max Keiser, have predicted that Larry Ellison will be the next billionaire to buy Bitcoin.
The game has changed. Bitcoin is going mainstream. Institutional investors are getting into Bitcoin. The asset management arm of Morgan Stanley is considering buying Bitcoin. Guggenheim forecasts Bitcoin to go up to $600,000. Prestigious University endowments like Harvard and Yale are allocating their assets into Bitcoin. It would be awesome if these endowments cut their allocation to vulture funds, gamblers, and take out firms, and put more money into Bitcoin. Even Ray Dalio, who runs the world’s largest macro hedge fund Bridgewater, has changed his mind on Bitcoin and cryptocurrencies. Many have suggested that GameStop should buy Bitcoin.
We are truly living in an amazing time. Bitcoin and Blockchain is the most important invention since the internet. But unlike the internet revolution, the common person has the chance to invest in the actual technology. The average person did not have the chance to invest in the actual “internet” of its features like e-mail. But by investing in Bitcoin, you are truly investing in Blockchain technology. Bitcoin is also one of those rare times when the little guy front ran Wall Street. Many individual investors and speculators believed in Bitcoin and made a killing from its rise, while Wall Street saw it as just a fad. This is just the beginning for Bitcoin, Blockchain, and Payment technologies. Don’t be surprised if Larry Ellison and Oracle buy Bitcoin soon.
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