Many Corporations are diverting their business model towards Bitcoin in the U.S

Number of entities holding between 0.01 and 0.1 BTC surged as BTC’s price dropped

Many corporations have pivoted their business model towards Bitcoin, as cryptocurrencies continues to become more mainstream as both a medium of exchange and an asset class and of which one of such examples is Tesla.

More than $1.5 billion worth of Bitcoin was acquired on the balance sheet of the electric vehicle maker and which such step by Tesla, has paid off with roughly unrealized profit of $721 million in the whole 2020.

WeWork plans to go public through a special-purpose acquisitions company (SPAC) later this year, after a failed IPO attempt back in 2019. , The company is likely wanting to bolster and diversify its revenue stream and business model, though with its valuation under scrutiny

It’s imperative to consider that despite $3.2 billion in revenue, WeWork has continued to burn through its cash reserves. The company reported a loss of $3.5 billion in 2019 and a slightly lower $3.2 billion in 2020. With the coronavirus pandemic largely destroying what was left of the business, its numbers will likely not improve anytime soon.

So will a high conviction bet on an extremely volatile asset class pay off for the startup? Potentially, but surely not enough to offset its wildly unprofitable business model. Still, incorporating a crypto payment system can only be a positive by attracting new potential clients. 

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