The world’s largest publicly traded company, Apple Inc. is extremely well positioned to boost cryptocurrencies (more than Tesla) to a point of no return in the US. This is according to a new report by top global investment bank RBC Capital Markets, which released the research in the wake of Tesla pushing bitcoin up over […]
MasterCard will allow its almost one billion users to spend cryptocurrencies at more 30 million merchants, although it hasn’t specified which coins will be supported.
MasterCard has announced plans to support cryptocurrencies in 2021, paving the way for its nearly one billion users to spend digital assets at more than 30 million merchants.
The firm believes this may open merchants up to new customers and build loyalty with existing customers who are already migrating to digital assets over traditional fiat options.
“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”
While the global payments giant noted it is planning to support stablecoins due to their “reliability and security,” Mastercard declined to name any specific cryptocurrencies it will integrate.
However, Mastercard offered four core criteria by which it will be assessing prospective assets: robust consumer protections including consumer privacy and security, strict KYC compliance, adherence to local laws and regulations, and stability as a means of payment.
MasterCard also noted it is “actively engaging with several major central banks around the world” to support central bank digital currency initiatives, or CBDCs.
Last year, the firm released a “virtual sandbox” tool to demonstrate how a CBDC can be used to settle consumer purchases using MasterCard’s infrastructure.
MasterCard’s announcement also reported increasing demand for digital assets among its customers, noting that many users have been buying crypto assets with their MasterCards amid the current bull market.
“Digital assets are becoming a more important part of the payments world,” MasterCard concluded.
“We are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want. It should be your choice, it’s your money.”
MasterCard already devoted significant resources into exploring distributed ledger technology, with the company currently holding 89 blockchain patents while a further 285 applications are pending.
The payments provider has engaged in crypto payments for some time now, partnering with Wirex and BitPay to create crypto cards, although no cryptocurrencies moved through MasterCard’s network.
MasterCard’s announcement is the latest of a series of institutional adoption of cryptocurrencies that have come in the last few weeks. This week Tesla announced a purchase of $1.5 billion Bitcoin from its cash reserve adding that it will soon accept Bitcoin payments for its cars.
Last week, PayPal doubled down on crypto announcing that it will offer crypto payments for its 26 million merchants after its limited crypto trading services “exceeded expectations.”
One week prior to this, Visa chairman and CEO Al Kelly reaffirmed its commitment to crypto payments and onramps during its Q1 earnings call.
Speculation on which other tech firms will be the next to enter the cryptocurrency rabbit-hole has also started emerging, with financial services provider RBC Capital Markets stating that Apple should follow in Tesla’s footsteps. RBC analyst Mitch Steves wrote to clients that developing a crypto exchange into the Apple Wallet would create a sizeable new market for growth.
Coinbase CEO Brian Armstrong has spoken out about Apple’s strict policy against cryptocurrency and DeFi applications on its App Store. Apple is currently under hot criticism from the gaming industry following the delisting of its most popular gaming app Fortnite. Just like Google, Apple charges developers a commission of 30% on the App Store and […]
One takeaway? Crypto appears to have a lot of room for growth.
While the crypto space has seen tremendous growth over the past decade, the asset class still holds a tiny amount of value compared to mainstream markets, especially when pitted against giants such as Apple.
Apple stock (AAPL) holds a staggering $2 trillion market cap, dwarfing all the speculative capital held within the entire crypto space, which, at press time, totals a mere $342.8 billion according to CoinMarketCap.
The crypto industry has grown from simply a concept in 2008, with the inception of Bitcoin’s white paper, to hosting billions of invested dollars. Bitcoin itself went from less than $1 per coin, all the way to $20,000 at its all-time high, carrying a press time market cap of roughly $194 billion.
The entire industry, however, still sits at a fraction of the size of Apple’s total combined stock shares; the market cap of the Blockchain industry as a whole could triple and still not reach Apple’s market valuation.
The tech company, known for pushing the smart phone revolution, currently holds the biggest market cap on the U.S. stock market, based on data from TradingView. “It’s the first publicly traded U.S. company to reach a $2 trillion market cap,” CNBC said of Apple in an Aug. 19 brief.
A pro-Bitcoin crypto analyst Timothy Peterson says Bitcoin’s market cap is “likely” to surpass that of Apple, S&P 500’s stock with the most eminent market cap within 7 years from now. This is based on Bitcoin’s trend of growth in the last ten years. The pattern of this growth projected for the future shows that […]