According to reports that Twitter has been studying the possibility of adding Bitcoin to its balance sheet, the company’s stock soared to a 52-week high of $73.18 on February 12. On February 9, at the time of writing, Twitter had a market value of $57.20 billion.
Telsa’s BTC brings inspiration
Regarding Tesla’s announcement that it may acquire Bitcoin for $1.5 billion, there are reports about Twitter’s possible acquisition of Bitcoin. The Tesla acquisition has intensified speculation that more large companies may follow electric car manufacturers to increase BTC in their reserves. MasterCard has announced that it will support cryptocurrency in its payment network.
In addition, because Twitter stock responded positively to a company executive’s comment, CEO Jack Dorsey Announce Establish a Bitcoin Development Trust. Dorsey, a Bitcoin supporter, said in a tweet that he and hip-hop artist Jay Z “donated 500 BTC to a new endowment foundation called the Trust to fund the development of Bitcoin. According to Dorsey, the entity’s work will be “focused initially on teams in Africa and India.”
Stock price surge is inevitable
At the same time, an analyst believes that it is not surprising that the value of Twitter stock has soared. Vladislav Utushkin, CEO of TTM Bank, told news.Bitcoin.com that it is only a matter of time before “other companies follow suit.” He explained: “Investors are attracted to companies using new, highly profitable tools and investment methods.”
According to Utushkin, Bitcoin is such an investment, and so is the recent trend of the stock. The CEO explained:
Now, all investors who bought Bitcoin earlier can make a profit. The investment in Bitcoin has brought a nearly 300% return on Microstrategy. Tesla’s return on investment in the first 24 hours after buying Bitcoin is more than 20%. Of course, after Tesla (Tesla), the decisions of other companies will be viewed positively, and stocks will respond to potential capital growth as they grow.
At the same time, at the close of trading on February 12, the stock fell to $71.90.
Do you think Twitter will add BTC to its balance sheet this year? You can share your opinion in the comments section below.
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