Cryptocurrency is playing a more and more vital role in everyone’s lives. Most notably, Bitcoin, which has attracted everyone from students to seasoned investors to pour in cold hard cash in hopes to make it “to the moon”, a term used by cryptocurrency fans describing the potential of skyrocketing prices.
Cryptocurrency is still considered a speculative asset class for many, meanwhile, many say that cryptocurrencies would revolutionize the financial industry if it hasn’t already. Some believe that it will take over fiat currencies (read El-Salvador recognized BTC as legal tender), while others believe it is just another new market bubble. These varying sentiments contribute to the high volatility and extremely unstable price of the asset class.
The recent swings of the BTC price, with rather tamed upside but the wilder downside, points to the fact that BTC is competing with other cryptocurrencies in attracting hot money. But the fact that it is the first cryptocurrency in the world remains a truth, and the world’s largest corporations are looking. Some even start to take BTC as one of the payment options, in other words, consumers are allowed to purchase an item or service using BTC and it works exactly like fiat money. It’s getting real!
Here’s a list of large corporations that accept BTC as payment or are holding BTC on their accounts. They include Microsoft, Starbucks, Paypal, and more. Tesla still holds approximately 40,000 units of BTC, with Square and Coinbase both having approximately 8,000 and 4,000 units of BTC.
Lastly, we want to remind you to be careful when you invest in cryptocurrency. Are you in for the long haul? Do you know the fundamentals of the assets? Don’t be the greater fool and allocate your daily funds and investment funds well.
