It can be a little surprising when we see companies keeping their bullish stance in a bear market. While some people might think that this is some kind of power move, it’s beginning to look like they have a different motive—which begs the question: are they seeing something we aren’t?
3 of Bitcoin’s Biggest Investors
To get an idea of what their aims are, let’s first take a look at who some of the biggest players are in the market:
- Elon Musk
Let’s start with the most popular of them all, Elon Musk, co-founder and CEO of Tesla among others. In 2021, Tesla would go on to buy 1.5 million USD worth of Bitcoin in order to start accepting Bitcoin payments for their products and services. Unfortunately, they would have to take this back three months later due to Bitcoin’s supposed unsustainable energy consumption.
- Barry Silbert
As the founder and CEO of Digital Currency Group, Barry Silbert aims to assist the developing global financial system. To this end, his company has invested in 168 blockchain-related companies. Digital Currency Group also owns Grayscale Investments, through which they are holding 25.3 billion USD in Bitcoin (as of April 23, 2022) via their investment vehicle Bitcoin Investment Trust (GBTC).
- Michael Saylor
With the belief that Bitcoin and other digital currencies are some of the next biggest investments, Michael Saylor’s company—Microstrategy—increased its Bitcoin holdings by purchasing 1,434 Bitcoins in December 2021 for 84 million USD. This would give Microstrategy a total of 122,478 BTC.
6 companies still accepting Bitcoin
More than a few companies are staying strong and accepting Bitcoin (BTC) despite the fear and uncertainty in the market. Let’s take a look at six of the biggest and see if we can figure out what’s in it for them.
Tech giant Microsoft joined the Bitcoin community in 2014, allowing its customers to pay for their products and services with Bitcoin—including games, apps, digital content, and everything else that’s hosted on Microsoft Store. They’ve stayed loyal since and have remained so despite the bad press that Bitcoin was receiving around that time.
At the time, Microsoft was considered one of the earliest of the “big companies” to accept Bitcoin. The few others who did were varied, from car services to restaurants and bars.
Newegg is known to provide PC enthusiasts with an all-in-one source for all the latest components and, just like Microsoft, has decided to go all-in. The company has decided to accept Bitcoin payments right from its website, meaning customers don’t need to use a third-party service to convert their BTC first. Newegg (as a computer components store) even offers starter kits for people considering cryptocurrency mining.
As an online retailer known mostly for furniture, Overstock made a few waves in 2018 when CNN reported that they were, “basically a cryptocurrency company now” after their hefty initial investment in blockchain technology. They began their Bitcoin journey well before Microsoft did, starting in January of 2014 by accepting Bitcoin payments—granted that at the time mobile Bitcoin payments weren’t yet accepted.
Twitch has successfully established itself as the go-to for anyone interested in streaming, whether it be watching them or streaming themselves. It accepts Bitcoin payments for subscriptions and other products, much like its cousin Whole Foods which is also owned by Amazon.
As one of the major mobile carriers in the United States, AT&T would be the first to accept Bitcoin as payment for its services. Unfortunately, no direct payment solution is available yet but AT&T customers can use their BTC to pay via BitPay.
You might think that PayPal jumped on the Bitcoin bandwagon because of a shared cofounder with Tesla (we’re looking at you, Elon), it has more to do with the fact that they are primarily a digital payment service—like how you can buy Bitcoin with PayPal.
With the aim of bringing in more businesses to their platform, Tesla would begin accepting Bitcoin in September of 2014 due to the lower transaction costs as compared to credit cards.
Bitcoin for the people
At the end of the day, what’s easy to see is that the market and communities surrounding Bitcoin are very much alive. That might be hard to see during times of bear markets but it helps if we can remember how Bitcoin hasn’t reached its full potential yet.
If you think about it, these bear markets might be someone else’s opportunity to join in. If you’re one of those who’ve yet to get started, it’s become incredibly easy to sign up on a platform of your choice and get a free Bitcoin wallet. With just a few steps, and as little as 10 USD, you can start trading today.