Bitcoin seems to be moving closer to mass acceptance. That now even Elon Musk supported the famous commodity on his Twitter profile, the value of the item rose by 19 percent during the day to hit $37,000. Nevertheless, in the last hour, the digital asset dropped by 2.6 percent at time of writing, which gave many a justification to refer to the unpredictable value of the asset.
Bitcoin, nevertheless, has experienced a “fourth wave” of acceptance, as per Marshall Hayner, CEO of blockchain payment solution Metal Pay. The chief exec acknowledged that over the past few months, the currency had reached record peaks, and with it emerged organizations that attached the cryptocurrency to their balance sheet.
He claimed that the value of Bitcoin and the reality that it’s the earliest, most liquid, digital currency was pushing businesses to see the commodity as a shield against dollar and euro inflation. He clarified:
“This is what I’m calling ‘the fourth wave’ of cryptocurrency adoption.
The first three waves were exuberance, speculation, utility and finally acceptance.”
Many organizations have come to embrace Bitcoin in the last year. Galaxy Digital, PayPal, Marathon Patent Group, Ruffer, Square and many others are part of the series. With 70,784 BTC in its deposits, it was MicroStrategy that became the biggest asset owner.
arshall Hayner claimed that federal cryptocurrency banks under the US Office of the Comptroller of the Currency (OCC) were gaining public adoption and knowledge of Bitcoin, equivalent to such business investors. In July of the previous year, the OCC greenlighted the custody of virtual properties by central banks.
Hayner also expressed his ambitions for the importance and also utility around other tokens and then stated:
“I expect bitcoin and smaller cap altcoins to absolutely blow some minds in 2021. In addition, I’m expecting some major utility especially around stablecoins, NFT, innovative decentralized lending/trading models, oracles, and payment systems.”