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JPMorgan Sees Tesla Bitcoin Bet as Too Bold for Others to Follow
Don’t count on other large companies to emulate Tesla Inc.’s decision to add Bitcoin to its balance sheet, according to JPMorgan Chase & Co. “The main issue with the idea that mainstream corporate treasurers will follow the example of Tesla is the volatility of Bitcoin,” strategists at the bank led by Nikolaos Panigirtzoglou wrote in a note. Still, they argue, its move puts a spotlight on the trend. Tesla disclosed Monday it invested $1.5 billion in Bitcoin and intends to begin accepting the cryptocurrency as a form of payment. Its announcement sent the digital coin to record highs, pushing its price ... (full story)
