What’s the Biggest Crypto Buy In The History? Cryptocurrencies have been around for slightly over a decade and, what a rollercoaster it has been! Since the launch of Bitcoin (BTC), the first and currently major cryptocurrency in 2009, the cryptocurrency’s value has grown from literally no monetary value to over $53,900. In Bitcoin’s first known economic transaction, a customer bought two pizzas valued at $25 for 10,000BTC (a current value of $539million). Many other cryptocurrencies, called ‘altcoins’ – short for alternative coins – have since been created.
As the cryptocurrencies’ underlying blockchain technology disrupts the conventional financial sector, Bitcoin and more altcoins are adopted to mainstream financial operations. Many payment-processing firms are integrating Bitcoin and major cryptocurrencies like Ethereum’s Ether (ETH) and Ripple’s (XRP). Corporate adoption of Bitcoin especially grew from early 2020, with announcements from corporations like PayPal creating cryptocurrency services and more banks adopting blockchain technology.
Tesla’s Mega Purchase
Institutional investors are investing more in cryptocurrencies, and this demand drives the prices even higher. Currently, the biggest crypto buy in the history is Tesla’s $1.5 billion purchase of Bitcoin, as announced by the company on February 8th, 2021. Tesla’s $1.5billion purchase drove the value of BTC up 15.4% within hours. This, biggest crypto buy in the history, the firm said, would offer them liquidity as they plan to start accepting cryptocurrency payments for their products. In just under 2 weeks, Tesla’s investment had grown over $600million as BTC’s value crushed the $50,000 mark.
More Enormous Purchases to Come
Most probably, Tesla will not hold this “Biggest Crypto Buy In The History” record forever. However, the company’s investment displayed trust in cryptocurrencies that will likely drive corporate adoption of digital currencies. One other publicly-traded company holds more BTCs than Tesla. Business intelligence company, MicroStrategy, holds over 71,000BTC most of which it has bought within the past year in separate multimillion-dollar transactions. With the future ahead, Bitcoin’s history will be rewritten severally, but just not yet for Tesla’s biggest crypto buy.