You’re not alone if you haven’t yet warmed up to the concept of cryptocurrency. Only about 15% of Americans own digital currencies like Bitcoin or Ethereum, according to estimates. Over the last two years, a considerable fraction of these investors have invested in it. Regardless of your investing viewpoint, Bitcoin is likely to have an impact on you and the future of your business.
Institutional Adoption Has Already Arrived
Perhaps when MicroStrategy CEO Michael Saylor first openly embraced Bitcoin, the writing was on the wall. His publicly traded company has been known to be consistent in its surplus reserves, hence when Saylor came out and openly praised the workings of cryptocurrency by labelling it “superior to cash”, it public found it hard to resonate with his chain of thought. From an outside perspective, it had only been known to be a volatile investment with returns after a much-awaited period and no real-time value.
Tesla made a $1.5 billion investment in Bitcoin.
Elon Musk, Tesla’s self-proclaimed “Technology Expert” has recently garnered headlines for the many reasons. One of them being his interest in the cryptocurrency revolution. If that wasn’t enough, Tesla has also purchased $1.5 billion worth of Bitcoin, indicating that Musk and Saylor have been crucial in bringing about institutional acceptance towards cryptocurrency. Moreover, Tesla also made public that customers can now purchase their vehicles using Bitcoin.
Paypal looks towards the future of Cryptocurrency too.
PayPal was one of the first companies to introduce digital transactions. It only seems sensible for them to join the cryptocurrency bandwagon, given their history of encouraging and facilitating cross-border transactions in minutes.
They recently added the option to buy and sell cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Crypto fans, on the other hand, have slammed PayPal for not allowing customers to transfer their currencies to a private wallet. Perhaps this is a feature that will be added in the future, and it is a positive move forward.
Visa and Mastercard are now part of the revolution.
The adoption of Bitcoin has been openly encouraged by two of the world’s largest payment platforms. Visa, for example, now accepts stablecoin transactions on the Ethereum network.
Mastercard has also followed this path by announcing that users would be able to purchase with cryptocurrency in 2021. With two major payment companies on board, it appears that the way is now clear for larger mainstream adoption and practical application among business owners in the coming years.
Paying Employees with Cryptocurrency might be the way forward
As a remote team employer, having to deal with the payroll of teams of employees who live in many different regions of the world can be a huge hassle. Imagine having to convert your pounds into dozens of international currencies to pay your employees.
Making international transactions might not be that much of a task, however with cryptocurrency the middle-man fees are now a thing of the past. Due to the instantaneous ability of Bitcoin, all parties can have the updates of their transactions within minutes. Eliminating banks might seem like a big step but could be a potential win-win for the future of the workforce.
Investing in Cryptocurrency for Business Equity
Giving early employees part of the company profits is a widespread trend in the current corporate world. Given the explosive growth of cryptocurrencies over the last decade, supplying new employees with “company” cryptocurrency in the form of equity shares could be a major new trend.
The dawn of the digital finance era has seen a massive rise in popularity and usage of currencies like Bitcoin. This has had a significant impact on how such currencies might affect business owners and their financial decisions. In any case, it will be fascinating to watch how the future of cryptocurrency develops.