Cryptocurrency investor, Max Keiser, has tipped Oracle’s Larry Ellison to be the next big entry into the cryptocurrency market.
As One Goes, Oracle Follows
Max Keiser is a cryptocurrency investor and founder of Heisenberg Capital, Keiser made the claim via a tweet, attributing the comment to a “source.” Ellison, the co-founder of global computer technology company Oracle, is a supporter of blockchain technology, previously stating it has uses in all fields.
According to Forbes, Ellison is worth over $89 billion with investments in multiple areas within the FinTech industry. The billionaire Oracle co-founder also holds stock in Tesla, the electric car company founded by Bitcoin supporter Elon Musk.
If Keiser is right about the move, Ellison will join a new class of bitcoin (BTC) buying billionaires, counting Musk and Mark Cuban among them.
Individuals, Institutions, and Government
However, it isn’t just billionaire individuals that are entering the market. Some of the world’s biggest companies are fueling rapid demand for cryptocurrencies and distributed ledger technology (DLT).
Payments giant PayPal enabled its users to buy and sell cryptocurrencies at the start of this year. The move saw cryptocurrency trading on the platform reach $242 million in just 24 hours.
Moreover, recently the CEO of Visa, Al Kelly, signaled the payment processing company’s potential support for crypto payments. Shortly thereafter, the company confirmed its participation in a project to bring cryptocurrencies to banking.
Even the U.S. Federal Reserve announced a plan to pilot an instant payments platform called FedNow. The pilot includes several FinTech companies, including Ripple partner Volantis Technologies.
The Bitcoin Standard
Indeed, as more and more of the so-called “smart money” enters the cryptocurrency market, Bitcoin is becoming the standard gateway.
Grayscale Investments, a cryptocurrency fund manager, saw its Bitcoin fund, the Grayscale Bitcoin Trust, grow substantially towards the end of last year. The fund now has over $27.39 billion in assets under management.
Furthermore, business analytics company MicroStrategy has followed Grayscale’s lead, recently purchasing another $10 million worth of bitcoin in cash. Its total holdings are now well over $1 billion.
All in all, whether it be individuals such as Musk or Ellison, or companies like Visa or PayPal, there appears to be a new standard. And that standard is Bitcoin.