London Daily

Focus on the big picture.
Sunday, Sep 27, 2026

Corporate America can't avoid one question. It's Tesla's fault

Corporate America can't avoid one question. It's Tesla's fault

Tesla's $1.5 billion investment in bitcoin has helped legitimize the cryptocurrency as an investment, leading analysts and traders to ask which blue chip company will be the next to take the plunge, buying bitcoin for its corporate balance sheet.

Wall Street analysts have peppered executives at other high-profile companies about possible bitcoin forays during recent earnings conference calls.
GM (GM) CEO Mary Barra said during the automaker's earnings presentation earlier this month that GM didn't have any plans to buy bitcoin just yet.

"We don't have any plans to invest in bitcoin, so full stop there," she said in response to a question from Morgan Stanley auto analyst Adam Jonas.

But she did not rule out the possibility of customers one day being able to buy Chevrolets, Buicks or Cadilllacs with cryptocurrency — just as Tesla is planning to let customers use bitcoin to buy its electric cars and trucks.

"This is something we'll monitor and we'll evaluate. And if there's strong customer demand for it in the future, there's nothing that precludes us from doing that," Barra added.

But executives at other companies, particularly financial corporatins, remain unconvinced that bitcoin should be part of their cash-management strategies.
"We're not currently investing in cryptocurrency," said Leslie Barbi, chief investment officer with Reinsurance Group of America (RGA), during an earnings conference call last week.

"My understanding is currently the accounting is different than other currencies and can create more volatility," she added.

Volatility is a problem. The big swings in price will probably keep other major companies from putting corporate money into bitcoin.

Sure, the returns have been enormous as of late. But companies want stability from their corporate investments -— not an asset that has swung from a low of just above $4,000 to nearly $50,000 in the past year.

"We watch cryptocurrencies," said Christine Hurtsellers, CEO of Voya Financial's investment management unit during an earnings call. But she added that factors driving the big price swings can "still tend to be somewhat opaque at times." That's the reason why Voya (VOYA) won't invest for now.

Taking the crypto plunge


Other companies are willing to embrace the risk.

So far, Tesla (TSLA) and software company MicroStrategy (MSTR) are the two most prominent firms to buy bitcoin. Payments giants Square (SQ) and PayPal (PYPL) now let customers buy and sell bitcoin (XBT) and use the cryptocurrency for e-commerce transactions. MasterCard (MA) and Bank of New York Mellon (BK) are dipping their toes in the digital currency waters too.

Twitter (TWTR), which like Square is run by Jack Dorsey, is also looking more at bitcoin and other cryptocurrencies.

"We have done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet," said Twitter CFO Ned Segal in an interview with CNBC after the company reported earnings last week.

Visa (V) CEO Al Kelly also noted during his company's most recent earnings call that "there's a growing interest in digital currencies."

But he differentiated between assets like bitcoin and so-called stable coins that are backed by existing government currencies. Kelly said that bitcoin and other crytpocurrencies are more like "digital gold."

"They are predominantly held as assets that are not used as a form of payment in a significant way at this point," Kelly said, adding that "fiat-backed digital currencies, including stable coins and central bank digital currencies...are an emerging payments innovation that could have the potential to be used for global commerce."

In other words, Tesla's purchase may lead more companies to consider buying bitcoin, but it's not likely to create a massive groundswell of support just yet.

The biggest wild card


Some are hoping that Apple (AAPL), the world's most valuable company, could be next. Apple could let buyers and sellers trade bitcoin, and also invest directly in the cryptocurency like Tesla is.

RBC analyst Mitch Steves said in a report earlier this month that if Apple decided to set up its own cryptocurrency exchange business (potentially through its Apple Wallet feature) then Apple "could immediately gain market share and disrupt the industry."

Based on how much money Square derives from bitcoin-related revenue, Steves estimates that Apple could eventually generate more than $40 billion in revenue tied to bitcoin.

He also noted that Apple could fund any bitcoin exchange plans by adding about $1 billion to its balance sheet, saying that an Apple purchase of bitcoin would help validate it further and that "the price of the underlying asset would then go up in a substantial manner."

Apple has not publicly discussed any plans to invest in bitcoin and the company did not respond to requests for comment.

Newsletter

Related Articles

0:00
0:00
Close
Civil Aviation Authority Launches Review of Air Traffic Systems Following Digital Failure
X Reports First Increase in UK Revenues Following Advertiser Boycott
Shetland Islands Council Approves £400 Million Inter-Island Tunnel Project
Foreign Secretary Ed Miliband Warns Iran Against Hostile Activities on British Soil
UK Ministers Concede Chagos Islands Sovereignty Agreement Terminated After US Opposition
More in Common Poll Projects Hung Parliament with Labour Leading and Reform UK Gains
Prime Minister Andy Burnham Defends Economic Strategy as Public Finances Face Headwinds
Tony Blair Urges Government to Set Long-Term Goal of Rejoining the European Union
Prime Minister Andy Burnham Pledges Universal Free Social Care Funded Through General Taxation
UK Diesel and Petrol Prices Surge Near All-Time Highs Amid Middle East Energy Volatility
Analysis of Reform UK conference highlights deep political divisions over welfare and immigration
Bangladesh garment exports to the United Kingdom reach $915 million in early fiscal year
Royal Navy begins sea trials for new HMS Agamemnon hunter-killer submarine
New report suggests UK data centre expansion will create far fewer jobs than predicted
Major weekend closures announced for London Underground Piccadilly and Central lines
NHS leaders call for emergency winter funding to combat staffing shortages and rising illness
Far-right activist Daniel Thomas charged following alleged slashing of migrant dinghy
Home Secretary orders urgent review of border security following rise in small boat crossings
Prime Minister Andy Burnham to address Labour Party conference amid calls for long-term infrastructure plan
UK Treasury and Bank of England warn of rising inflation risks amid Middle East tensions
Royal Navy Diving Squadron Honoured for Global Bomb Disposal Efforts
UK State Pension Set to Approach £13,000 Per Year Under Triple-Lock
Rolls-Royce Wins Multi-Million-Pound Engine Contract with Philippine Airlines
TfL Questions Future of Heathrow Express Amid Proposed £33 Billion Expansion
Ed Miliband Warns Iran Against Hostile Operations on British Soil
S&P Global Manufacturing Index Signals Stabilization Amid Rising Fuel Costs
Prime Minister Andy Burnham Launches National Centre for Information Defence
UK Food and Drink Trade Deficit Surges to £21.1 Billion
OECD Upgrades United Kingdom Economic Growth Forecast to 1.1 Percent
Bank of England Faces Policy Challenges as Energy Prices Push Inflation Projections Higher
IMF Urges UK and Major Economies to Reduce Public Borrowing and Debt
UK Government Concedes Chagos Islands Sovereignty Deal is Dead Following Trump Opposition
Prosecutors Seek More Than 10 Years in Prison for Former DUP Leader Jeffrey Donaldson
UK Provided £66 Million in Emergency Security Funding for Mosques After Southport Disorder
Manston Inquiry Examines Role of Government Decisions in 2022 Overcrowding Crisis
Justice System Capacity Pressures Raise Concerns Over Release of Sex Offenders
UK Food and Drink Trade Deficit Widens to Record £21.1 Billion
UK Releases Climate Security Findings Previously Withheld Under Starmer
TalkTalk Races to Sell Consumer and Broadband Businesses as Administration Threat Looms
NHS Bodies Impose Minimum Two-Year Waits for ADHD and Autism Assessments
Andy Burnham Pledges £210 Million to Revive Boarded-Up High Streets
UK Borrowing Reaches £18.3 Billion in August Ahead of Autumn Budget
Vistry Cuts Profit Outlook as Losses Deepen and Private Home Sales Weaken
Reported Assaults on Great Britain’s Railways Rise Sharply
Far-Right Activist Daniel Thomas Arrested After Channel Dinghy Slashing
Ukrainians in Britain Face Greater Homelessness Risk as Host Payments Are Cut
Scottish Drug Deaths Rise as Synthetic Opioids Spread
UK Diesel Prices Approach Record High as Energy Costs Intensify
UK Food and Drink Trade Deficit Widens to Record £21 Billion
Britain’s Largest Planned AI Supercomputer Delayed by Power Grid Constraints
×