Over the weekend we saw Bitcoin hit $59,000...
Today it has risen past $60,000!
We’re in the midst of a global pandemic yet this crypto coin seems to be defying all odds and is continuing to grow.
Reaching over $60,000 means that Bitcoin has more than tripled since the end of last year.
So, how has Bitcoin managed to achieve this insane growth even with Covid-19?
A few things seem to be having an influence on the coin.
Firstly, Covid-19 itself is a contributor to the rise of Bitcoin. The increase in online shopping with people being stuck at home is astonishing.
The amount that is being transacted online as opposed to falling into high street stores is huge.
More people are seeing money as a virtual transaction than having to hold physical coins and notes. Thus, the concept of a completely virtual economy has caught people’s attention.
Secondly, worldwide influencers and celebrities have been catching onto Bitcoin.
YouTube sensations KSI and Mr Beast have both been tweeting about Bitcoin which has helped increase the awareness and credibility of the coin.
KSI, a UK YouTube sensation, has 6.6 million followers on Twitter alone. The influence of messaging like this will be impacting the crypto market in a positive way.
As you can see Mr Beast, an American YouTube celebrity, has 10 million Twitter followers!
For people with this level of influence to be backing Bitcoin is powerful and certainly counts towards the rise of the value.
Not only that but of course Elon Musk and Tesla have played a huge role in this too.
Elon Musk alone has 49 million Twitter followers and is widely credited in the press as well, so anything he or Tesla says, spreads like wildfire in the media.
Elon Musk has said this year that Tesla hopes to be able to accept crypto payments in the future.
Finally, a large number of well-known brands have all come out saying that they intend to look into being able to accept various crypto payment methods in the future.
This is a huge move for the crypto marketplace.
One of these of course being Tesla. Other companies such as Mastercard, BlackRock, Expedia, and many more, are all looking into how and when they will be able to incorporate cryptocurrencies into their accepted payments.
While companies like these are working on plans for accepting crypto, we are already helping 100’s of businesses across the UK accept crypto payments. Specifically, car dealerships.
AutoCoinCars enables dealerships to be able to accept cryptocurrency while receiving the full invoice for sold cars in GBP.
We mitigate the risk of the marketplace value of the coin/token the customer wants to pay in.
We also are an advertising portal for these partnered dealerships to help boost their customer outreach.
AutoCoinPayments, the parent company of AutoCoinCars, empowers people to spend their cryptocurrency, such as Bitcoin, on real-world items.
If you’re interested in accepting crypto payments, or in spending your crypto get in touch with us today.