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Ark Invest believes Tesla‘s purchase of billions in bitcoin will lead to more corporate and institutional investor adoption, driving the price higher and make it harder for governments to shut it down.
“This is a pretty big tipping point that legitimizes bitcoin beyond just this crypto industry that for so long has just been beating the drum,” said Ark crypto asset analyst Yassine Elmandjra in a phone interview with CNBC. “Now we’re getting major players that are considering this a worthy diversifier. I think this is going to be a very interesting catalyst that will encourage other corporations to consider this a strategic allocation.”