Tesla rocked the financial, crypto and auto world Monday, when Elon Musk announced his car company will be accepting bitcoin as payment in the future.
Well, not wanting to be left in Musk’s dust, again, other companies have been announcing their plans to get friendly with the popular cryptocurrency too.
Competing car manufacturers, including GM have at least shown signs they are open to receiving cryptocurrency as payment in the future. It’s not official yet, but they are looking into it.
Twitter is in the same boat, they are investigating how it would work on their platform and will get there soon most likely.
Uber seemed a natural to embrace crypto payments, and they also have hinted they are wide open about making it happen soon too.
The difference with those three companies as opposed to what Musk is doing with Tesla and bitcoin is this: Elon invested in bitcoin, Twitter, GM and Uber all announced in their earnings calls they weren’t investing, but are examining ways to accept crypto as a payment method from their vendors and customers.
The financial world is also moving fast. The oldest bank in the United States, BNY Mellon is the most forward-thinking bank in this space so far. They have announced they will hold, transfer and issue cryptocurrencies for their asset management clients, a bold move that should penetrate a new market for what might be perceived as a more stodgy financial institution.
Mastercard said they will support bitcoin and other cryptocurrencies on their network in 2021. Both Paypal and Square announced they would be doing the same thing.
The cryptocurrency interest and demand is a trickle now, but all signs point to it becoming a rather large wave in the very near future.