In demand: Many coins of various cryptocurrencies are seen here. Tesla, helmed by the world’s richest man, purchased US$1.5bil in bitcoin recently. — AP
NEW YORK: Tesla Inc’s purchase of US$1.5bil in bitcoin may have forced cryptocurrencies onto the agenda of corporate treasurers worldwide.
While crypto acolytes have been saying for some time that corporate adoption is imminent, in reality it had been limited to firms such as MicroStrategy Inc and Square Inc. Tesla getting involved -- the fourth biggest company in the S&P 500 and helmed by the world’s richest man -- brings the discussion to the big leagues.
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