The Latin American e-commerce giant known as MercadoLibre has just disclosed its massive $7.8 million bitcoin purchase on Wednesday. This now makes the company the latest publicly traded company to add BTC to its balance sheet!
MercadoLibre (MELI) Buys Bitcoin
The now crypto investor Argentina-based company recently said in an official earnings report that the purchase happened some time during the last quarter. It was also said that it was a part of the company's treasury strategy. MercadoLibre is also listed on Nasdaq and trades as MELI.
According to the story by CoinBase, though pretty far from the lofty bitcoin acquisitions of either MicroStrategy at around $2.2 billion or even Tesla at $1.5 billion, the large investment by MercadoLibre represents the company's strong step towards the actual mainstreaming bitcoin as an acceptable payment method.
Bitcoin Real Estate
The largest e-commerce player in Latin America, MercadoLibre, had just unveiled a new bitcoin-only real estate platform some time last week. Its own MercadoPago payments platform had previously integrated bitcoin some time in 2015. With another crypto whale not just making an investment in Bitcoin but planning to integrate the cryptocurrency into their platform, the company's involvement in cryptocurrency looks fruitful.
Aside from the recent news that eBay could be adding bitcoin as a mode of payment, other companies are now looking into either integrating cryptocurrency in their platform or in becoming a bitcoin whale. With massive purchases by corporations, buyers might expect a shift in Bitcoin prices.
Cryptocurrency Price Drop
For those that aren't aware what a whale is, it is the term used to describe a type of investor that funnels in a massive amount of cash into the stock or cryptocurrency. Whales are oftentimes looked at as reasons behind massive rises or massive drops in stocks or cryptocurrencies.
With more and more whales investing in cryptocurrency, especially bitcoin, a lot of analysts are now very positive about the cryptocurrency going up. Despite more and more people now trying to invest or trade crypto, certain analysts note that the currency hasn't even reached its peak.
Read Also: Elon Musk Reacts to the Theory that 'Crypto Uses too much Energy' With Explanation of Hypocrisy
$BTC Price Prediction
An article by FinExtra notes that the price of $BTC might even reach $100,000 this 2021. On March 18, Bitcoin prices have once again hit the $60,000 mark. The very first cryptocurrency then started to actively grow in price right after it had beat its previous $20,000 mark some time last December. The value of cryptocurrency has reportedly tripled in the span of three months.
As of the moment, there are a lot of traders and investors expecting the growth of the $BTC price to another important milestone which is at $100,000. Twitter had even launched a certain flash mob where they had installed a photo that had "laser eyes" in the avatar which promised not to change it until the price of Bitcoin would reach $100,000.
Related Article: Warren Buffett 'Alright' with Vice Chairman Saying He's 'Disgusted' With Cryptocurrency Success
This article is owned by Tech Times
Written by Urian B.
