Bitcoin is going to be adopted not only by individuals but even by companies!
It's no secret the relationship between Bitcoin and traditional banks and entities was until very recent NOT so good.
In fact, Bitcoin has been undergoing fierce battles of discrediting against many institutional companies since it came into existence in 2009.
"Bitcoin Bubble" was the prevailing description preferred by many corporates and banks when talking about Bitcoin.
However, this is no longer the case as it seems that these wars will soon end and will be replaced by a kind of romantic atmosphere between the crypto world and the traditional world.
It's hard to deny that Bitcoin has managed to prove itself as a decent store of value during its 10-year history.
Even large corporations that have been tried for years to discard Bitcoin are starting to accept it.
Slowly but surely, Bitcoin adoption is becoming a reality...
In this post I'm going to show you some of the examples which confirm that we are on the right way to mass adoption:
Source: pixabay 
1 PayPal:
Unless you've been living under a rock for the past few days, you would have heard the announcement that PayPal will be offering crypto payments from 2021. They will also allow their users to purchase crypto directly through the app. It is of course a great thing to know that over than 346 million active accounts on PayPal will eventually be exposed to cryptocurrencies. That will open up more efficient merchant payments and make it far easier to accept crypto.
Of course, once this news was disclosed to the market, it breathed life into the bullish narrative. This is because of the broader implications this could have on the relationship between crypto and non-crypto spaces.
2 MicroStrategy:
MicroStrategy is a US-listed company that offers business intelligence, mobile software, and cloud-based services as well.
MicroStrategy made an announcement that they had purchased almost 425 million dollars in Bitcoin that means that they have over 90% of their balance sheet in Bitcoin!
Now, I think that saying this is revolutionary news would not be an exaggeration.
It was not only the first US-listed company to hold Bitcoin on its balance sheet, but it was also a company that had nothing to do with Bitcoin.
I mean it's easy to expect a mining company, exchange, or payment service provider to hold Bitcoin as they use it in course of their business, but it is extraordinary news when a company buys Bitcoin because they want to make it part of their treasury strategy!
The reason for this "bold move" was simply they noticed that the US dollar is keeping inflating which would only have the effect of decreasing the purchasing power of their funds.
To quote the CEO, Michael Saylor:
We just had the awful realization that we were sitting on top of a $ 500-million ice cup that's melting.
Said Michael Saylor.
It's worth mentioning that MicroStrategy CEO wasn't so bullish on Bitcoin in the past few years.
In 2013, He criticized Bitcoin saying the quote: "Bitcoin's days are numbered ".
It's pretty surprising to see someone going from being such a Bitcoin bear to investing over than $400 million into it but this is the reality of today.
Even more amazing, just three days ago, there was news revealed that MicroStrategy is not only going to keep holding Bitcoin but also is looking to Buy More Bitcoin in the future.
Source: pixabay 3 Square:
What's more exciting about this though is that it has appeared to start a bit of a trend in the corporate space.
Earlier this month, it was announced that Square, the payments company owned by Jack Dorsey (the co-founder and CEO of Twitter) had purchased 50 million dollars in Bitcoin.
According to Square's CFO:
We believe that Bitcoin has the potential to be a more ubiquitous currency in the future
This is not too surprising given that Jack Dorsey is known for having a so positive view of Bitcoin. He believes that the current global economic uncertainty is one of the reasons to hold a safe haven asset like Bitcoin.
4 Mode Global Holdings :
From the US to the UK, we have Mode Global Holdings which is a UK Listed company that just allocated about 10% of their cash to Bitcoin.
They followed MicroStrategy and Jack Dorsey's Square in deciding to place a portion of their treasury reserves into an asset that the government can't recreate and devalue.
According to Mode's executive chairman:
Faced with the challenges of COVID-19 and with U.K. interest rates at the lowest level in the Bank of England's 326-year history, our confidence in the long-term value of bitcoin has only increased,"
said Jonathan Rowland, Mode's executive chairman
Yes, Mode Global might be a relatively small company but I expect some other companies in the Eurozone to follow their leads. After all, holding an asset that's being inflated away is sub-optimal for long-term value preservation.
Conclusion:
Starts are always hard, and Bitcoin had one of the hardest starts ever.
From just a "bubble" to "digital gold", Bitcoin has gone a long way to prove itself.
We are seeing now Bitcoin as a serious asset class that's able to attract billions from institutional capitals.
I think that the aforementioned companies were just pioneers that will lay the groundwork for other high-profile adopters in the future.
After all, it's the current trend in light of Covid, economic recession, and the inflated US dollar.
And of course, we don't need to be rocket scientists to know that this is incredibly positive for the price.
So, yeah, I'm sincerely bullish and hope that the recent adoption of Bitcoin by large corporates would be the push that the crypto space needs to flex its muscles in the coming years.
What do you guys think about what I've mentioned?
Do you think that we are on the right way to mass adoption?
I'm really keen to know your opinions and thoughts in the comment section below. 🙂
My guess for Bitcoin in October 31st is 13395,55 USD
This was my entry in the challenged announced by @steemitblog with the sponsorship of @steemcurator01 and @steemcurator02.
Sources:
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