The Intersection: Crypto And Wall Street This Week - Saturday, Feb. 13

Blockchain, Technology, Smart, Bitcoin, Money

As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.


Tesla (TSLA) said in a Securities and Exchange Commission filing Monday that it bought $1.5B worth of bitcoin and that it plans to begin accepting it as a form of payment for its products in the near future. This comes amid a couple of positive messages about digital currencies by CEO Elon Musk on Twitter. Commenting on the investment, Wedbush analyst Daniel Ives called it a "major move" that will have a "ripple effect across corporations around the globe.”  The news formalizes the strategy of Musk and Tesla diving into the deep end of the pool of bitcoin and crypto, Ives added. From a stock perspective, the analyst believes this move could put more momentum into shares of Tesla as more investors start to value the company's bitcoin/crypto exposure as part of the overall valuation. Ives has a Neutral rating and a $950 price target on the shares, with $1,250 bull case.


MasterCard (MA) said in a Wednesday blog post that it will start supporting select cryptocurrencies directly on its network. "This is a big change that will require a lot of work," MasterCard said. "We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protections and compliance. Our philosophy on cryptocurrencies is straightforward: It's about choice. Mastercard isn't here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value."


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Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

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William K. 2 weeks ago Member's comment

Is it possible that Tesla needs a loss for a tax write-off? Or is it just a high-stakes gamble?