During the last week, a lot of companies are engaging with cryptocurrency, making the price of the most popular digital coin, Bitcoin, rise to its highest at $48,297 last Thursday.
Tesla investing $1.5 billion in Bitcoin, and considering letting customers purchase through cryptocurrency, was big news. But Tesla Inc. isn’t the only one.
BNY Mellon, one of the principal banks in the United States, announced it would transfer cryptocurrencies for their clients. Roman Regelman, the bank’s CEO of asset servicing, said this is something that needs to happen because of the growing customer demand for digital money.
The mayor of Miami, Francis Suarez, said he is considering paying employees and collecting taxes from residents in Bitcoin.
Mastercard (MA) declared they would let clients transfer cryptocurrency through its network.
Twitter is thinking about investing in Bitcoin too. Along with them, many other companies.
Why is this happening with cryptocurrency?
One of the major reasons is the fact that the founders of these companies trust Bitcoin and the future of virtual assets in general. They think that even if it’s not going to be their main asset, digital money needs to be involved too.
Some of them, like BNY Mellon, are implementing crypto because of customer demand. Since clients are investing in crypto in these assets, they need a place to deposit them.
Governance acceptance of cryptocurrency is another reason. For example, the U.S. government is regulating them, which made it possible for crypto to land on these companies’ balance sheets.
We don’t know how finance will change in the future, but it appears that cryptocurrency will be part of its evolution.
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