Crypto Behemoth Grayscale’s Bitcoin Trust Takes the Lead Over Tesla

According to crypto analysts from Bloomberg, the Bitcoin trust by Grayscale has outperformed Tesla by a staggering 50% in value in the year 2021.

Bloomberg strategist Mike McGlone has stated that the result of increasing the potential number of Bitcoin-based ETFs has enabled Grayscale’s Bitcoin Trust to gain a huge lead over the famous electric car company Tesla, led by famous Billionaire Entrepreneur Elon Musk, who invested in Bitcoin at the start of the year.

Bitcoin and Tesla

Since Tesla now supports Bitcoin as a payment method for cars, the company still insists on storing Bitcoins as it is rather turning them into traditional currency because Bitcoin will be a much more valuable asset to trade and store, increasing potential profits for the company as the bullish Bitcoin trend continues to show up frequently.

But this payment method that Tesla introduced contributed to the recent correction and drop in the price of Bitcoin, reducing the value of the asset even more. Bitcoin dropped from a massive $60,000 value to a low of $50,000, now slowly recovering back, hinting at another bullish rise.

Bitcoin is moving into Reserve Territory

The rise in potential ETFs also means that Grayscale will have to increase the discount they have been providing to new and present GBTC users. So, is all this lead even viable for the trust? For now, if we analyze the tweet from Mike McGlone, it indicates that Bitcoin might convert into a global digital reserve currency, leading towards becoming a risk-off asset as the currency proceeds to show bullish trends.

Mike indicated that Bitcoin is definitely the future of all transaction methods as he sees a great bullish trend showed by Bitcoin Trust run by Grayscale as numbers go up. New ETFs are being launched almost every day as more and more individuals and organizations have started to get into the crypto space.

ETFs are an easy way for famous individuals and companies to engage with their supporters and users in the crypto space. Long-time well-established payment platforms such as VISA and MasterCard have also surrendered to the might of Bitcoin, giving its users opportunities to trade in the top currency, leading to a much more flexible choice of payment methods for users to select, resulting in easier transactions.