Paypal has started its crypto payment services and is offering Bitcoin, Ethereum, and Litecoin support. And following the same path, Visa’s crypto move has pushed ETH and BTC’s price to new highs. The announcement regarding the same was made on 30th March and was a big step towards the acceptance of an unregulated currency that has negative inflation. It is important to note that, unlike Paypal, Visa has enabled the use of USD coin to settle transactions. And as of now, it is in beta mode and has not rolled out completely.
The push to BTC and ETH
Can you name any financial curreny or institution that hasn’t stopped for a single second for 10 years in a row? There is only one, Bitcoin! This was said by the CEO of Cashaa to the Financial Express. Bitcoin in its entirety is a masterpiece, and it was inevitable that it becomes the future currency of the world. Yes, for sure, fiat will still exist, but Bitcoin’s steep growth makes it a hedge to inflation and not only protects but increases the value of your money. It is also very secure to use and makes it improbable that someone is going to hack into your bitcoins.
Visa, Paypal, Square, and eventually Mastercard’s acceptance of crypto as a payment method will lead to a tremendous increase in transaction volume. More transaction volume means more liquidity which in turn means more investors and price appreciations. Just Visa’s announcement that it is going to enable crypto payments pushed BTC to $59k and ETH to mid $1800s. And like always, this took most other coins to new highs too.
Governments accepting crypto
If you want to stop something, stop it when it’s small, not when it’s so big to gulp you down. The fact that BTC is worth over $1 trillion is indicative of another fact that it’s far ahead of any banning stage. Instead, governments should look into using it in their favor and make as much profit from it as possible. We should understand that banning is not an option when the market cap of BTC is more than Visa, Mastercard, and the top Indian banks combined, said Gaurav, the CEO of Cashaa. The next thing we can expect is to see laws regulating crypto.
These laws would be to tax crypto gains, make sure that illegal activities are reduced and all over the market gets more stable. Even in India, the government that was high on its heels to ban crypto is now asking exchanges to provide transaction data. This is most probably to track and tax the transactions and benefit from the growing interest in the crypto industry.
What are your thoughts on Visa’s crypto move and how such companies could shape BTC’s future? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.