Bitcoin: The Most Adopted Currency Worldwide

Bitcoin hits a lifetime high of $48,745
  • Bitcoin hits a record high of $48,745 on Thursday, February 11; currently trading at $47,356 (+3.17%)
  • Elon Musk’s Tesla bought $1.5 Billion worth of Bitcoin; Tesla plans to adopt BTC as payment mode for their cars
  • Blackrock, the World’s biggest asset manager, adds Bitcoin as an eligible investment for its two funds in January 2021
  • Mastercard and BNY Mellon declare to support cryptocurrency payments on their network by 2021 end

After being shunned by financial firms, Bitcoin has finally entered the mainstream. 

In January 2021, the World’s largest asset manager, Blackrock, added bitcoin as an eligible investment for two of its funds. This week credit card giant Mastercard said it was planning to support some cryptocurrencies on its network this year. However, analysts speak that corporations are merely hedging themselves against the possibility that Bitcoin will succeed.

Bitcoin Makes You Rich 

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If a person bought Bitcoin in 2011 at $100, the very investment would be worth $6.1 million momentarily. That means even a $1 investment in 2011 would be worth more than $45,000 today. Moreover, during the peak “hype” of Bitcoin in December 2017 – when it only reached a high of $20,000, investors got loaded with money and were infamously buying Mansions and Lamborghinis.

Image Source: TradingView

Mastercard Boards the Cryptocurrency Train

The credit card giant, Mastercard has announced to introduce cryptocurrency payments over its network by late 2021. At present Mastercard holds 750 Million users, which is approximately one-tenth of the World’s population. The company supporting crypto-payments would give its users a massive exposure to cryptocurrency; moreover, it will boom the crypto ecosystem. 

However, Mastercard stated that they do not recommend people to begin using cryptocurrencies. But they will enable customers, merchants and businesses to shift towards digital currency — traditional or crypto.

Tesla Boards the Bitcoin Train

In February 2021, Tesla bought $1.5 Billion worth of Bitcoins and enabled its customers to buy cars in BTC. The company rolled out the buying decision to maximize cash returns that remain unutilized in its daily activity. The asset’s massive buy resulted in booming bitcoin’s price by 17% to $44,200, again a record high.

Moreover, Tesla has adopted Bitcoin as a payment mode after Elon Musk added #bitcoin in his Twitter bio. It is another move that soared BTC price. Now, one can understand if Tesla adopts Bitcoin as their payment mode, Elon Musk’s followers may significantly move towards the Bitcoin community.

Mastercard and Tesla have adopted Bitcoin in one way or another, but huge names like Blackrock and Jack Dorsey’s company Square, Microstrategy, Grayscale have also bought into Bitcoin. The reason is simple- Bitcoin has grown into a store of Value as years have passed. 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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