Mastercard and PayPal are finally making moves to integrate Bitcoin into their service offerings, following industry peers like Visa and Square. The news comes on the heels of a major spike in crypto investments, as almost 60% of Americans who own a cryptocurrency made their first purchase in 2020 or 2021.
Adoption Rises with Steps Towards Crypto Integration
Following major corporations such as Square and Microstrategy, who have already adopted Bitcoin as a valid form of payment, other large payment providers are beginning to follow suit. Mastercard and PayPal are now taking their first steps towards cryptocurrency integration, just shortly after Visa announced plans to do so. Crypto players Circle, BlockFi, and Coinbase are among Visa's current partners, offering cardholders the opportunity to buy, trade, and pay with their cryptocurrencies worldwide. As two of the largest financial services companies in the world, Mastercard and Visa are making it easy for anyone to make purchases and gain rewards using their own digital assets.
Outside of the financial sector, German brand Philipp Plein is about to become the first luxury fashion brand to accept payment in cryptocurrency. They will be accepting 15 different forms of cryptocurrency and see it as a flexible payment tool in addition to standard cash payments.
As more and more large companies accept crypto payments, hold Bitcoin on their balance sheets, and endorse cryptocurrencies, widespread adoption continues to spread at a rapid pace.
An Active, Present Role in the Future
Google has recently added a new crypto ad policy in the U.S. that allows crypto related ads on its network, with certain rules and restrictions still in place. This will further exhibit Bitcoin and other crypto exchanges to the public eye. The move is also a sign that, as Bitcoin becomes a regular presence, stringent rules and regulations may be relaxed.
In Uruguay, a bill has recently been introduced to regulate the usage of cryptocurrencies as payment, making crypto assets recognized and accepted by law. If the bill passes, cryptocurrency will still not be recognized as a legal tender but licenses will be granted to trade, store, and issue crypto assets. The bill also touches on mining, where a permit will be required from Uruguay’s Ministry of Industry, Energy and Mining in order for miners to operate.
The proposals and passing of bills as seen in Uruguay are further indicators of the incorporation of Bitcoin into daily life as it becomes a more prevalent form of currency. While worldwide adoption of Bitcoin has yet to plateau, those who take advantage of purchasing and mining today could see massive gains as universal acceptance grows closer.
Mega-Influencers are Spearheading a Bullish Sentiment toward Bitcoin
Anyone familiar with Tesla CEO Elon Musk is likely aware of his stance on cryptocurrencies through his business decisions and various Tweets about crypto to over 59 million followers. Tesla was briefly accepting Bitcoin as a form of payment before reversing the decision due to environmental concerns, but the company still continues to hold around 42,000 Bitcoin on their balance sheet.
Elon Musk is among several celebrities who often talk about cryptocurrency on Twitter to their huge followings. Jack Dorsey, CEO of both Twitter and Square, is a huge backer of Bitcoin and consistently uses his Twitter account to share his opinion on crypto to his 5.6 million followers.
Public figures taking advantage of their status to talk about cryptocurrencies are instilling confidence in the masses to look into crypto as an investment, an alternative to fiat currency, and a hedge against inflation. The heightened awareness of crypto is pushing Bitcoin towards the point of being a long-term asset that is no longer an abstract concept to the average person.
The Time is Now
As Bitcoin continues to flow into the mainstream through significant adoption and integration by major service companies like Mastercard, the future of the digital coin is looking bright. While purchasing Bitcoin can be a great investment, mining often provides a better return on investment. With the global hashrate still low, mining difficulty remains decreased and rewards relatively high. Wattum offers many ways to get started in mining, whether you want to purchase equipment, join a mining pool, or have us host your mining hardware for you. We offer end to end services that enable you to make the most of your investment and maximize long term profitability.