Institutional cryptocurrency adoption – The final nail in the fiat coffin.
The staggering potential of Bitcoin and the rest of the crypto gang is fast becoming hard to ignore for anyone on the planet. Every day, people are either waking up or being woken up by the mass adoption of Bitcoin, with other cryptocurrencies following close behind. Whether buying digital assets from places like Binance or trading them on platforms like Capital Crypto, early adopters have time on their side as their value shoots to the moon.
If you haven’t invested yet, there is still time. The value of each crypto asset is determined by the number of coins there are in circulation as well as the amount of funding being poured into them through exchanges. While this number is still low, when compared to future predictions, time is running out to get onboard.
As the true value of decentralized finance is realised amongst the world’s largest corporations, the price of crypto is expected to skyrocket. Let’s take a look at the following:
5 Corporate giants adopting Bitcoin. Sotheby’s
Auction house Sotheby’s is auctioning the first-ever piece of fine art that can be paid for using cryptocurrency.
The auction firm’s New York outpost has announced that it will accept cryptocurrencies, namely Bitcoin or Ethereum, also known as Ether, for Banksy’s Love is in the Air, which goes up for sale on May 12 2021.
The famed painting – described by Sotheby’s as a ‘unique work’ based on artwork first sprayed onto a wall in Jerusalem – depicts a protester hurling a bouquet of flowers. – Tech-Readsector
It has a reserve price of $3 million to $5 million.
‘This is the first time that cryptocurrency will be accepted as payments for physical artwork,’ Sotheby’s CEO Charles F. Stewart said in an interview with CNBC, ‘and we’re really excited to make this happen.’
Cryptocurrency is money created using computer code. Those currencies and transactions made using them are authorized and recorded using secure technology known as blockchain.
Sotheby’s says it is giving the artwork’s seller the chance to accept payment from them in the form of Bitcoin, Ether, or to have it exchanged for regular cash using cryptocurrency platform Coinbase, which is being used to facilitate the sale, in addition to paying with cash or cards.
Coinbase offers a platform that lets users buy cryptocurrencies and exchange them for cash. Its experts will be on hand for the Banksy auction to manage fluctuations in the value of Bitcoin and Ether while the auction is underway.
In an online survey of 15,569 people in 18 countries, 40% said they plan to use crypto in the next year, the payment giant said Tuesday. – coindesk
Among millennials, interest is even higher: 67% said they were more open to using the technology than they were a year ago, 77% said they were interested in learning more about it and 75% said they would use crypto if they understood it better.
The business intelligence solutions firm has been heavily investing in Bitcoin since Aug 2020. They invested around $250 million in Bitcoin, followed by a feisty move of issuing a convertible senior note of $650 million to raise funds and add more Bitcoin to their reserve in Dec 2020. – fortune.com
Elon Musk has been known for his outspoken views on upcoming technologies, and he has vastly covered Bitcoin under it. He has been sharing his views about Bitcoin and Cryptocurrency for quite some time now. And Tesla’s recent investment of $1.5 billion in Bitcoin reinforced the company’s optimism towards it. – CNBC
The payment giant PayPal has also been one of the key players that has helped Bitcoin and Crypto become mainstream through facilitating crypto payments. – Coindesk
Since April, institutional assets under the custody of Coinbase have increased by over $14 billion. – coinbase.com Brett Tejpaul, a partner at Heidrick & Struggles, told interviewer Elisabetta Bartolini that institutional assets under custody were $6 billion when he joined the company in April and have since risen to $20 billion. Tejpaul joined Coinbase after 25 years in traditional financial markets sales and trading, including stops at Barclays and JPMorgan. It’s hard to overstate how fast institutional adoption of crypto is accelerating.
Two years ago, any rare report indicating mild interest from traditional actors would be huge news. Now such news is daily and is backed by research, data and real institutional money. As just a few examples, MicroStrategy now holds 70,470 Bitcoin worth more than $1.1 billion, and it keeps on buying. Binance, Kraken, Capital Crypto, CoinBase, JP Morgan, Goldman Sachs, Morgan Stanley, Square, Harvard and Yale are just a fraction of the growing list of exchanges and traditional financial and public institutions that jumped on the digital asset bandwagon just over the last few months, aside from the other corporate giants mentioned above.
Institutional adoption of cryptocurrency isn’t coming, it’s already here.
Don’t get left behind.
The content presented in this publication is meant for informational & educational purposes only and you should not construe any such information or other material as legal, tax, investment, financial, or any other advice. Nothing contained in this publication constitutes a solicitation, recommendation, endorsement, or offer by the author/s or any third party/ies to buy and/or sell and/or invest in any financial instruments.