Despite the ups and downs of the crypto market, there is still a lot of interest in using the digital currencies.
Panic and fear within the crypto industry
The recent crypto market crash has sparked a wave of fear, uncertainty and doubt across the industry. The crash, now referred to as a stablecoin crash, started with the fall of Terra and its Luna and UST tokens, which lost all of their value within hours. These developments led to a broader market crash with the Bitcoin price falling to its lowest point in 52 weeks. The BTC price fell to a value of $25,402, which it last saw in December 2020.
As expected, panic ensued as Bitcoin opponents shouted that the cryptocurrency era was coming to an end. That panic only got worse when the stock market also started to fall due to rising interest rates and the war in Ukraine. As a result, Bitcoin’s price fell to a low of around $17,700. However, despite the problems that the crypto market has known, the value cryptocurrencies can add to the global economy is undeniable.
It could even be argued that the adoption of cryptocurrencies is at its all-time high. The number of mainstream companies now somehow adopting cryptocurrencies is staggering.
PayPal and Starbucks join the crypto world
In October 2020, PayPal announced that it would allow its customers to buy and sell cryptocurrencies directly from their PayPal accounts. This move allowed PayPal to take advantage of the growing interest in cryptocurrencies. PayPal has been one of the largest payment processors in the world for years, processing millions of transactions per day. According to reports, the company has more than 346 million active accounts and processed $222 billion in payments in the first quarter of 2021 alone.
While PayPal allows its customers to buy, hold and sell cryptocurrencies, Starbucks takes a different approach by using cryptocurrencies for its customers to pay for their coffee. As early as August 2018, Starbucks announced a partnership with Bakkt. Bakkt is a crypto platform launched by Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE). The exchange allows its customers to convert their crypto into US dollars. These dollars are then used to pay for their coffee. Companies like PayPal and Starbucks are paving the way for mass adoption.
Microsoft and AT&T
Microsoft has been open to using Bitcoin as a new payment option since 2014. It did this through a partnership with Bitpay, allowing users to purchase apps and games for Windows Phone or Xbox. According to a Microsoft spokesperson, the intent was to give people options and help them do more on their devices and in the cloud.
In recent years, Microsoft has not stuck to Bitcoin as a payment option, but has also started experimenting with the blockchain. The software giant launched its first blockchain product, Azure Blockchain Service, in 2015. The service is a managed cloud service that makes it easy to develop, deploy and grow blockchain applications. This blockchain product was seen as a way to make it easier for developers to create applications that use the Bitcoin network.
Like Microsoft, AT&T partnered with BitPay to become the first mobile carrier company to offer its customers a cryptocurrency payment option. AT&T customers can now use Bitcoin to pay their phone bills. The promotion was seen as a way to make it easier for customers to pay their bills. In addition, it was intended to help AT&T stay ahead of the fast-changing world of technology.
Crypto adoption on the rise
While there are many other examples of companies that have adopted cryptocurrencies, some of the most notable companies that use crypto are carpool companies such as Ryde and online retailers such as Overstock.
Singapore’s carpooling app Ryde announced the launch of its own crypto wallet that would facilitate Bitcoin payments. This made Ryde the first carpool company to integrate Bitcoin.
Similarly, Overstock, a famous US online retailer, partnered with Coinbase to accept payments in Bitcoin, Ethereum, Litecoin, Dash, and Monero. This promotion was seen as a way to make it easier for customers to shop on Overstock’s website. In addition, it was intended to help the company stay ahead of the fast-changing world of technology.
The above examples show that the adoption of cryptocurrencies is on the rise. Moreover, despite the ups and downs of the market, there is still a lot of interest in using crypto. This is likely to continue as more and more businesses begin to see the benefits of using cryptocurrencies.