Elon Musk’s automotive giant Tesla seems to be the world’s favorite stock to invest in, according to a report from crypto investing app Abra.
“The world is bullish on tech and overwhelmingly loves Tesla,” Abra said in its “Global Investor Insights” report published Tuesday, sharing preliminary analysis of over 12,000 equity investors who invest via its app.
Abra unveiled its blockchain-based investment app in February to allow global users (barring the U.S.) to own fractions of high-priced stocks and exchange-traded funds (ETFs). The app officially went live in May.
The app allows users to invest in stocks such as Tesla, Uber, Alibaba and Facebook, as well as ETFs like the gold SPDR with bitcoin. Tuesday’s report showed that Tesla stock is the number one choice of investors followed by Amazon, Apple and Google.
The median investment amount in Tesla is also 191% higher at $71.64 as compared to the overall median investment on Abra at $24.65, per the report. The minimum investment amount via the app is $5.
“We think this is a reflection of the new millennial investor that puts their money where their beliefs are. And it’s clear they believe in the vision that Elon Musk is building,” Abra CEO, Bill Barhydt, told The Block.
South Africa (Musk’s home country), France, Argentina, Austria and the Philippines are the top five nations going big on Tesla, according to the report.
It is important to note that the equity investing feature in Abra app is currently not available in the U.S. Abra wanted to roll it out in the country, but was held up due to regulations. Many market observers said at the time that Abra was offering the feature as the issuance of an equity derivative, which is a financial product and must be regulated with U.S. authorities.
Interestingly, Australia and Canada by contrast seem to be betting on gold as an investment, per the report. “We were surprised by some of the early trends too. We thought there may be a correlation with users in more distressed economies investing in gold but it’s not playing out that way so far,” Barhydt told The Block.
The preliminary results confirm that there is “indeed a market for decentralized finance, and that Bitcoin can deliver on the promise of global financial inclusion,” Barhydt added.
He further said that the results are “so compelling” that Abra will be publishing the report every quarter starting later this year.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.