The value of cryptocurrency is rising. Some have risen over 230% in less than a month.
Last week, PayPal adopt and, JPMorgan act!
We say it all alone, adaptation is the key to growth!
PayPal announced its intention to allow the buying and selling of Bitcoin and other cryptocurrencies on its platform as early as 2021. PayPal adoption sparked excitement in the crypto market, which has enjoyed a significant increase since its conception. This week, the market received extremely positive news. The American banking giant, JPMorgan, announced that it has launched its first commercial use of its digital currency, JPM Coin.
Even before this news, there has been a positive trend in the cryptocurrency market in recent months. It emphasized the DeFi sector (Decentralized Finance, a fast-growing sector of the cryptocurrency industry) and the distributed crypto exchanges.
The rise in cryptocurrencies' price did not come by chance; it is a momentum that took place in the last three years. What happens to cryptocurrencies does not occur in a vacuum, and PayPal has significantly changed the situation.
Will you adopt?
Having close to 350 million active accounts worldwide, PayPal has created one of the most notable developments in the crypto market. PayPal has announced that it will launch cryptocurrencies on its platform, including Bitcoin, Ether, Bitcoin Cash, and Litecoin.
PayPal has notably changed the cryptocurrencies atmosphere. This move gives a seal to the crypto industry, which is in need of mass adoption. It was necessary to have a massive dominance like PayPal to pour trust in the cryptocurrencies.
PayPal will open the crypto market to tens of millions of people and businesses alike. Mass adoption will only come if cryptocurrency use will be simple. PayPal offers this market a simple user interface, with which it will be easy and safe to use such currencies.
The COVID-19 crisis and the policies of economic incentives pursued by governments worldwide have given significant impetus to Bitcoin and other cryptocurrencies. Last year, more than 20% of all U.S. circulated dollars were printed money, which increased debt. Cryptocurrencies are one of those alternatives to this problem.
In the past year, we see an increased use of digital payments due to the restrictions imposed on many countries' residents and businesses. In fact, another development occurred in U.S. regulation; in July, the U.S. Treasury introduced a new position that allows U.S. commercial banks to provide cryptocurrency custody services. Reports in recent months found that millions of dollars’ worth of Bitcoin by Walls-based technology companies (MicroStrategy and Square) have also boosted investor confidence in the market.
In addition to all this, the central banks recently announced the possibility of issuing their sovereign digital currency.
All these factors are creating significant momentum, which could lead to a revolution. It would be best to remember that Bitcoin was launched in 2008, during the global financial crisis and the banks' collapse.
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Now, during the Coronavirus crisis, we see how central banks are flowing money, which goes mostly to stock markets and financial institutions - and the average citizen does not see it easily.
The crypto industry is going to change the financial system fundamentally. Banks need to understand that the celebration is over. No matter if it takes two or five years, the change will happen. It will build a fairer and more transparent financial world for billions of people worldwide.
Meanwhile, Blockchain companies worldwide face many regulatory barriers, especially with U.S. Companies like Telegram and Kick. Such companies have had a lengthy legal battle with the U.S. Securities and Exchange Commission following their ICO raisings and have ended up losing.
The jump in currency is significant - mainly because it shows the community's confidence in the model. It is part of a flywheel, where rising currency prices increase demand for currency, and rising demand raises prices.