While many institutions are praising Bitcoin for its capacity as a store of value, another point to ponder is that many giant firms are now accepting BTC as a mode of payment.
With the constantly increasing popularity and price of Bitcoin, the mass adoption of this crypto asset has been astonishing in these recent months. Apart from highly reputable investors and institutions buying BTC as a store of value, many big and small-sized companies have introduced BTC as a mode of payment for their products and services as an alternative the fiat money.
Tesla Being the Role Model
Bitcoin has been experiencing quite a staggering amount of popularity, increment in value and mass adoption by banks, institutional investors, and hedge fund managers as they are trying to acquire, sell or purchase BTC any way that they possibly can.
If we go back to the roots of Bitcoin, it was intended to serve as a peer-to-peer electronic cash system and not the store of value it has become for some people and institutions today. It was not accepted initially to be a viable form of payment, but the tides have now turned in favour of Bitcoin as many firms all over the world have enabled BTC payments.
The pioneer’s name in this list of BTC adopters is the CEO of Tesla, Elon Musk. Elon Musk announced in January this year that the company had acquired Bitcoin worth over $1.5 billion, and just months after that, they announced that the company has started to accept Bitcoin as a mode of payment for their electric vehicles and other services. Another thing was that they said that the company would not convert the payment received in Bitcoin into cash. Instead of that, they will store the BTC.
Big Companies Including Apple and PayPal Join the List
Many touristic companies around the world faced catastrophic financial damages to their businesses due to COVID-19. Expedia joined the Bitcoin bandwagon some time ago. They have now partnered with Coinbase to allow BTC payments.
Apple has allowed its users to spend BTC through Apple pay. PayPal users can also use their PayPal accounts to sell, buy or hold BTC. Other big companies like Coca-Cola have also started accepting BTC payments.