deVere Investor Insight - Q1 2021

Investor Insight // Q1 - 2021 27 The electric vehicle company stated it bought the Bitcoin to have “more flexibility to further diversify andmaximize returns on our cash.” Billionaire Musk also added #Bitcoin to his Twitter bio, an action that drove up the cryptocurrency’s price as much as 20 per cent. He said on social media platformClubhouse two days later: “I do at this point think Bitcoin is a good thing, and I am a supporter of Bitcoin”. In addition, Tesla also unveiled future plans to accept Bitcoin as a means of payment, which, naturally, has fuelled the cryptocurrency’s mainstream acceptance. Moreover, U.S. investment giant Morgan Stanley is reportedly contemplating investing in Bitcoin through its $150 billion investment arm; BNYMellon announced it had set up a digital assets unit to build a custody and admin platform for crypto assets; and Mastercard revealed it would give its merchants the option to accept cryptocurrencies later in the year. Bitcoin’s meteoric rise