Even if Bitcoin doesn’t fall again, Crypto acceptance is not going away

Last year at this point, Bitcoin was under $ 5,000. Now it’s over $ 50,000, albeit temporary. It can go back to $ 30,000 in a week as soon as it can go to another high. Sorry. I hope he didn’t jinx it.

The reason Bitcoin is rising is because institutional investors are turning to Bitcoin as a source of value. Tesla

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you just bought over a billion dollars worth of Bitcoin. Investment companies that have not talked about crypto with their clients before are doing so now. New products are launching, following in the footsteps of Bitcoin ETF (GBTC) at Grayscale.

Macrolens’ Brian McCarthy wrote this to his client on Wednesday: “This is the only logical use case for Bitcoin that can emerge: having an automated digital value store has a unique social value. That source of value can be anything as long as everyone agrees that it is that decentralized, digital source of value that makes the world so bad. The first-person benefit of moving is that Bitcoin is so named. ”

That’s right about it. No one is valuing their properties or pepperoni pizza in Dogecoin.

In 2020, the cryptocurrency market cap exceeded $ 1 trillion. This year, you owe it to yourself to learn how to get involved in digital assets.

“Despite the similar nature of the digital fund industry, it is not as complex once you learn the basics,” says Jahon Jamali, CMO of Sarson Funds. “Once you understand the basics, you’ll find that adding digital assets to your portfolio is one of the most crucial investment decisions you’ll ever make. That’s why we left Wall Street – to close the gap between crypto and traditional finance. You don’t want to be on the line for this emergency business. “

Tesla is buying Bitcoin, but we are still waiting for them to accept Bitcoin as payment for one of their cars. That seems to be coming.

“We intend to start accepting bitcoin as a form of payment for our products soon, subject to applicable laws and initially on a limited basis, which we may or may not melt when they will be available, “the company said in its 2020 films, according to Reuters.

Amazon

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it is ripe to be the first multinational organization to issue its own medal. Pay for services on their platform with the Amazoncoin and get a discount. It is not difficult to make such an image. It is reported that they are preparing to launch a “digital money” project in Mexico led by Amazon’s Digital and Emergency Payments division.

Uber

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discussing adding crypto payment options, CEO Dara Khosrowshahi told CNBC on Feb. 11.

BNY Mellon and Fidelity said they will allow customers to keep their crypto with them before the end of the year. There will be no more Ledgers and panic attacks when your crypto exchange is slowed down.

Small businesses use it. Let’s go to Tampa for example, shall we? It’s called “Camp Bay”.

“It’s a great time to be in Tampa Bay,” says Richard Munassi, director at Tampa Bay Wave, a non-profit organization working with local startups. “I’ve been a huge fan of Tom Brady since he was in high school. We’re both from California, ”he said of the Tampa Bay Buccaneers Super Bowl who won a quarterback two weeks ago. “Looking at its rise is very much a reflection of Bitcoin, with some ups and downs but only getting better over time. The Bucs’ investment in Tom has been invaluable in Bitcoin, ”he says.

I asked him, a retail crypto investor like me, if he sees shops in his city accepting Bitcoin, because I don’t see that yet here in Massachusetts.

“City business owners have shown a strong early adoption of accepting Bitcoin as payment and I think you will see some ramping up over the next 18-24 months as cryptocurrency continues to become mainstream, ”Munassi says. “Florida is just behind California with the total number of sellers accepting Bitcoin as payment. There are several in Tampa, ”he says, citing jewelry stores, restaurants, agents, and co-op locations for rent payable in BTC.

Estonia is one market country that has been a crypto player very early on. CoinsPaid is from there. They created a crypto-financial solution for businesses. Imagine that this is one of those ubiquitous electronic payment systems at any retail store if you put down your credit card. CoinsPaid does just that, it lets companies take Bitcoin. For now, their main market is online, mostly gambling and gambling.

“We aim to help companies venture into the crypto world,” said CEO Max Krupyshev.

Last year they hit forward. “We’ve gone from 100 clients to over 300, and that number is still growing,” he says. “In 2019, we processed around 1% of global Bitcoin transactions and now we handle more than 3%. ”

Small businesses like to have this payment option too. It’s a way for them to start collecting BTC, literally.

Adoption does happen, but it’s a learning curve.

“Many companies miss the experience it takes to develop and build this themselves, as there is a lot to consider. Factors such as the right blockchain technology, security measures, and payment streams come from years of in-depth knowledge and experience of how the tech works, ”Krupyshev says.

Online games, casinos, forex trading, e-commerce, where payments have to be made quickly and effortlessly, are now using CoinsPaid.

“Among Asian countries, Japan has excelled in supporting Bitcoin payments in everyday life,” said Yulong Liu, managing director of global partnerships at Babel Finance. “I remember buying a cup of coffee with a little Ethereum at the 2019 Bitcoin Conference in San Francisco,” he says.

Atlanta-based BitPay ties in with companies that let you buy gift cards using your Bitcoin. While that’s not the same as walking into a Tesla showroom and buying a Y model, you can also exchange BTC for fiat on their Mastercard

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where you can then deposit and deposit money in your real bank, or use it as a debit card. I hadn’t been lucky with this, anyway. I’m still trying.

The day after Tesla revealed in an SEC filing that it had invested $ 1.5 billion in Bitcoins, the price of the cryptocurrency continued to reach new highs.

The company made it clear that part of their renewed investment strategy is to seek other investment resources, including gold and crypto.

“The market is looking for a decent, unstable hedge against a near-floating dollar,” said Vladimir Signorelli, head of Bretton Woods Research. Even a former supply-side themed investment company is talking Bitcoin to messengers now. “If we had a stable dollar, anchored for gold, it is likely that crypto currencies would not command more than $ 1 trillion in total market cap,” he says.

Money and liquidity easily find their way into Bitcoin and real estate, also elevated worldwide despite the pandemic.

On CNBC’s Squawk Box, Jim Cramer was recently asked what he thought about the Bitcoin hype and the rumors about being accepted by companies as an alternative currency. He said, “Every treasurer should go to the boards of directors and say,‘ should we put a small portion of our money in bitcoin? ‘It seems like an interesting way to hedge against the rest of the environment. Nice hedge against fiat money. I used to say, ‘possess some gold, possess some silver. ‘Now I say, own some money, own some gold, own some Bitcoin’, ”Cramer said.

That’s the hedge angle. But where can we spend this stuff? Will it ever be something that needs to be converted into dollars, perhaps adding extra cost to the business?

Munassi says he has paid for pizza at Pomodoro’s in Tampa Bay using his Bitcoin. “The ongoing adoption has been awful to watch,” he says.

As Bitcoin adoption becomes more widespread and drives investor demand, so does the risk of being outsourced by a better-designed, better-value digital source, says McCarthy of Macrolens. “That only adds to Bitcoin’s attractiveness in a self-strengthening fashion. Either that, or it’s the largest pump & dump in the world. “