Today Venmo announced it would add bitcoin and other cryptocurrencies buy/sell option allowing nearly 77 million of its customer to hodl and trade crypto assets. With Venmo’s crypto integration now all top-7 iOS finance apps offer the crypto purchase and selling option, in what might have seemed too far-fetched only last year.
The crypto market is currently in the correction phase with Bitcoin and the majority of altcoins trading in the red. While the discussion around Bitcoin reaching its potential top was gaining momentum, today’s series of announcements including WeWork adding crypto to its balance sheet as well as offer it as a payment option would surely give rest to such arguments as crypto adoption by mainstream continues to flourish.
Until last year Bitcoin and cryptocurrencies were dismissed as a speculative asset class with no real-world use case, however, the ongoing bull run seems to be changing that notion fast as some of the top fortune 500 companies including Tesla and MicroStrategy added Bitcoin to their balance sheet while the likes of Venmo and Paypal added crypto trading option. WeWork and Tesla now accept Bitcoin payments along with adding them to their balance sheet.
Not just Fortune 500 companies, some of the staunch Wall Street critics including the likes of Goldman Sachs who until last year dismissed bitcoin as not suitable to be an asset class have not just started offering Bitcoin products but also listed it at the top of the “Best Performing Assets.” Apart from Goldman Sachs, JP Morgan, Morgan Stanley, and many other hedge funds have now added Bitcoin exposure.
Looking at the aggressive rate at which mainstream giants have started integrating crypto support more companies might come forward in the coming months to do the same and crypto might become the default payment choice.