Bitcoin Welcome Tesla, Mastercard, BNY Mellon, Venmo to Cryptocurrency Party

 Bitcoin Welcome Tesla, Mastercard, BNY Mellon, Venmo to Cryptocurrency Party 

image credit - forbes


To say that this week has been great with the adoption of bitcoin and cryptocurrency would be an understatement. There have been so many stories that it was hard to keep up, even for those of us who work full time in the industry.

The adoption of Bitcoin is always significant because it shows that these technological advances in our financial system are ultimately understandable and necessary.

What makes this week’s news even more interesting is that we are seeing a huge shift from traditional accounting to the cryptocurrency industry (and the technology behind it) as cyberpunks-only operators or money launderers. This is a history the industry has been working on for ten years.

Now, we see that companies like Tesla want bitcoin in their balance and BNY Mellon, Mastercard and PayPal / Venmo see that the customer wants more than enough to meet it.

Tesla

On Monday, Tesla announced that it had bought $ 1.5 billion to ensure "more flexibility in order to further diversify and increase profits in our currency." The move by Tesla and Elon Musk has been well-received by the industry, although some have correctly pointed out that Musk sprayed Dogecoin on Twitter, when apparently Tesla was buying bitcoin instead.

Aubrey Strobel, Head of Communications at Lolli, the world's largest bitcoin-benefit company, stated: “Bitcoin is fully integrated. Now that Tesla has added bitcoin to its balance, trading investors have become more aware of bitcoin when buying $ TSLA or S&P 500. ”

Turn off the Tesla logo on the charger at the Supercharger high-speed battery charger ... [+] electric car company Tesla Motors, in the town of Silicon Valley in Mountain View, California, August 24, 2016. (Photo by Smith Collection / Gado / Getty Photos).

Getty Photos
This also led to the assassination of companies that make statements about their status in bitcoin. Uber chief executive Dara Khosrowshah dismissed the idea of ​​putting bitcoin in its balance, saying "we will keep our money safe." For the record, bitcoin is safe but what he pointed out was the volatility of Bitcoin. He also left open the door for Uber to accept cryptocurrensets as payment in the future.

Mastercard

On Wednesday, Mastercard announced its plan to give merchants the opportunity to receive payments in cryptocurrency by the end of the year. This will allow Mastercard customers' payments for digital currency to be resolved via crypto for participating merchants, for the first time for the company.

In this picture is the Mastercard logo (Omar Marques / SOPA Image ... [+] Photos / LightRocket by Getty Images)

SOPA / LightRocket photos with Getty Images
In a blog post, EVP Mastercard for Blockchain and Digital Asset Products, Raj Dhamodharan noted, "Our philosophy on cryptocurrensets is straightforward: It's about choice. Mastercard is not here to recommend you start using cryptocurrensets. But we are here to empower customers, retailers and businesses to deliver digital value. ”

BNY Mellon

Yesterday, (are yall keep up with me? Phew) BNY Mellon, a large $ 2 trillion banking company, announced the establishment of the Digital Assets Unit, which the company describes as a team dedicated to creating a first real estate bond and a traditional and digital asset management platform, including in the middle of the money.

For anyone familiar with the digital financial sector and the problems cryptocurrency companies have with accessing bank accounts, let alone depositing bank accounts with the Bank, these stories were exciting and showed great progress. Banks such as Silvergate Bank, the first recipients of the space, and the OCC have paved the way for banks such as BNY Mellon to be willing and able to provide banking and cryptocurrency services. Alan Lane, Chief Executive Officer of Silvergate Bank commented in an email stating that the Bank sees "this as a great guarantee for the platform we have built."

Brian Brooks, former OCC Treasurer, told me, "When the oldest bank in the United States decides to accept the world's newest currency, it indicates an inevitable connection between cryptocurrency and banking."

Venmo

BRAZIL - 2020/07/26: In this photo gallery Venmo - Share the Payments logo displayed on smartphone - [[]]. (Photo by Rafael Henrique / SOPA Photos / LightRocket by Getty Images)

SOPA / LightRocket photos with Getty Images
PayPal also announced today that it is considering installing cryptocurrency as a payment option with Venmo. By 2020, PayPal itself introduced cryptocurrency as a source of digital trading support to its 26 million merchants. Venmo boasts over 52 million users.

The conclusion

Aside from looking at your own perspective on cryptocurrency, all of this is summarized as big news for this growing industry. Erik Voorhees, chief executive of ShapeShift.com, a leading digital currency exchange explained to me, “The recent Bitcoin announcements made by big companies are an indication of this upcoming financial system. Built on open, unlimited agreements, and non-renewable funds. "

Lolli's Aubrey Strobel summed up the week well, “In the same week, the world's largest company, Tesla, and the oldest American bank, BNY Mellon, added bitcoin to their business models. It is no longer a matter of whether institutions will accept bitcoin, it is a matter of when. Individually, institutional investors confirm the value and basic concept of bitcoin. "

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