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Deutsche Bank: BTC Will Grow Because of Tesla

Tesla and bitcoin are far more connected than we realize, according to some analysts and financial institutions. Deutsche Bank, for example, has recently issued a statement saying that the next two to three years are likely to be real turning points for the world’s number one digital currency by market cap strictly because of the action Tesla has taken and will take in the future.

Tesla and BTC Are Attached at the Hip

The real relationship between bitcoin and Tesla began last month when the electric car company, owned and run by South African entrepreneur Elon Musk, decided it would invest $1.5 billion in the digital currency. From there, the asset rose to unprecedented levels, striking the $61,000 mark and hitting a new all-time high prior to falling back down to $58,000, which is where it is at press time.

It was one of the largest institutional purchases of bitcoin in the history of the space, and now, it seems like both Tesla and bitcoin are inadvertently tied to each other. If bitcoin goes up or down, Tesla shares are likely to follow suit and vice versa.

Several financial firms are quick to realize that both assets are working hand in hand and are doing quite a bit for each other. In a new report issued last week, Laboure explained:

Bitcoin’s current valuation is pricing in a shift towards cross-border digital currencies. The hypothesis is that bitcoin, as the leader, will benefit from network effects and become an important means of payment in the future.

While this all sounds fine and dandy, there may be problems in the beginning as according to Laboure, bitcoin is likely to remain “ultra-volatile” during its upcoming transition period. The report continues with an in-depth analysis of how Tesla and bitcoin are connected:

A few additional large purchases or market exits could significantly impact the supply-demand equilibrium… [Tesla] is five years older than bitcoin and has always sparked robust debates between people who see it as a soon-to-die fad and those who see it as the future of the car. [A] consensus about [bitcoin’s] future may emerge as people monitor digital currency developments… In the long term, bitcoin – like Tesla – will have to transform potential into results to sustain its value proposition.

So Much Love from Big Players

Traders and investors can likely find hope in the fact that Tesla isn’t alone in its newfound love for bitcoin. Many Wall Street players and institutions have found reasons to appreciate the world’s primary digital currency, and it’s getting a lot of love from players in every corner of the financial space. Stephen Kelso – head of capital markets at ITI Capital – commented:

Once upon a time, established brokers and banks wrote off crypto as ‘too volatile,’ refusing to recognize it as a legitimate asset class in advance issued to investors.

The post Deutsche Bank: BTC Will Grow Because of Tesla appeared first on Live Bitcoin News.

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