It’s been a busy 7 days, as interest from large organisations became ever more apparent, like Amazon and Uber, who begin to understand the benefits of cryptocurrency as they look to invest heavily to secure their funds. In addition, recent surveys present data that looks promising for the future of crypto and worrying for gold.
Institutional investment/Mainstream adoption
How did the roller coaster start again? With Elon Musk’s $1.5 Billion investment of course. As he placed around $1.5 Billion into Bitcoin and will soon be accepting payment through BTC. This saw a sharp rise in Bitcoin’s price as it neared $50k, consistently setting new ATHs everyday, which created a domino effect of other major Multinational Corporations to question if they should invest also.
One of these being Mastercard, as they confirmed that they will support ‘select cryptocurrencies’ this year. The payment giants were impressed by crypto and couldn’t refute the fact that ‘these digital assets are becoming a more important part of the payments world’. Though the details haven’t been confirmed, of the specific cryptocurrencies they’ll support, the point stands of it being an interesting future where simple day-to-day purchases may be used via crypto.
Where else would you likely spend your money? Amazon? Being able to buy any range of products has never been easier, however, could it be made even easier? Amazon, the world’s largest online retailer, is preparing to launch a digital currency project in Mexico, which could shape the way cryptocurrency purchases are perceived.
Bitcoin payments are the talk of the town! From Amazon to Twitter, as the social media platform considers paying employees using Bitcoin.
Who will be the next big player to buy Bitcoin? Google? Amazon? Twitter? Or Oracle? Cryptocurrency investor, Max Keiser, put out a tweet presenting data that supported his claim, believing that Ellison, the co-founder of Oracle, is an avid supporter of blockchain technology and holds it in high regard, will they be the next whale to change the market drastically?
Finally, the last contender for investing big in Bitcoin is Uber, the revolutionary taxi service that has said that they are willing to accept crypto as a form of payment if there is enough demand.
Gold vs Bitcoin
A recent survey has concluded that Bitcoin is seen as more attractive than gold! According to Americans, Bitcoin is viewed more as a commodity rather than a currency. Bitcoin has been referred to on multiple occasions as ‘Digital Gold’, a safer and more reliable payment method. Could gold become physical ‘Bitcoin’ as the gap grows larger in the crypto’s favour?
Future of cryptocurrency
With Bitcoin continuing on this crazy bull run, BlockTower Co-Founder, Ari Paul, believes Bitcoin could rise to a price of $400,000 as more mainstream implementation comes to light. Paul believes that it will continue to grow at least until the end of next year, which could potentially see a 10x increase.
Important Information
Cryptocurrencies are generally not regulated and investors do not have access to recourse or compensation schemes such as, for example, in the UK, the Financial Ombudsman Service or the Financial Services Compensation Scheme. Investing in cryptocurrencies can be high risk and investors should carefully evaluate their appetite for risk and their understanding of trading cryptocurrencies prior to entering into a transaction.
