Giant players from the financial services industry are embracing Bitcoin. The news of Tesla, Mastercard Inc. and BNY Mellon in the digital currency made BTC price close in on $50,000 for the first time in history. The coin is grabbing the attention of wall street with its fast adoption and parabolic price movement.
Bitcoin is a loosely regulated asset class. Policymakers often consider controversial. However, companies are adding it to their services progressively.
Tesla announced the inclusion of bitcoin worth 1.5 billion dollars in its services. The company justified this move by saying that it will ensure “more flexibility to further diversify and maximize returns on our cash.” A quick surge in bitcoin value followed this news.
Mastercard Inc. made the headlines with its plan of allowing merchants to receive payments in cryptocurrency. Mastercard’s EVP mentioned in the blog post, “Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value.”
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Bank of New York, known as BNY Mellon, is ready to involve in crypto business. “a team dedicated to building the first multi-asset custody and administration platform for traditional and digital assets, including cryptocurrencies.”
Many banks, like Silvergate, have already gained custody of crypto.
The interest of wall street:
The crypto ecosystem is spreading at a fast pace in 2021. Wall Street cannot ignore this parabolic movement of crypto. The investors are shifting their focus towards bitcoin. Many still see BTC as a volatile cryptocurrency with no future. However, once big institutions are at the helm of crypto boom then the widespread adoption of digital assets will be inevitable.
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