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New Markets and Businesses Turn to Blockchain Technology

CryptocurrencyOct 28, 2021 05:30AM ET
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New Markets and Businesses Turn to Blockchain Technology

Over the last several years, the perception of cryptocurrencies has shifted drastically. Earlier in the year, several major companies announced a more open-minded approach to Bitcoin, accepting it as payment for product and services. For example, earlier in August, United Wholesale Mortgage, which made its public debut in January via a special purpose acquisition (SPAC) merger, announced plans to accept cryptocurrency for home loans in what is being billed as a first for the national mortgage industry. And just this week, CNBC reported that Mastercard (NYSE:MA) is preparing to announce that any of the thousands of banks and millions of merchants on its payments network can soon integrate crypto into their products.

"We want to offer all of our partners the ability to more easily add crypto services to whatever it is they're doing," Sherri Haymond, Mastercard’s Executive Vice President of Digital Partnerships, said in an interview.

"Our partners, be they banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform." AGM Group Holdings Inc. (NASDAQ: AGMH), Hut 8 Mining Corp. (NASDAQ: HUT), The9 Limited (NASDAQ: NCTY), Bitfarms Ltd. (NASDAQ: BITF), HIVE Blockchain Technologies Ltd. (NASDAQ: NASDAQ:HIVE)

In the meantime, Bitcoin’s recent rally has brought back optimism to the digital currencies market. The Fidelity Director of Global/Macro, Jurrien Timmer indicated that the ongoing rally in Bitcoin could continue towards new record heights over the next two years, Markets Insider reported. Based on his proprietary supply-and-demand model, Timmer sees Bitcoin reaching USD 100,000 by 2023 as momentum traders begin to buy into the recent rally.

"This rally has come with little fanfare and doesn't seem driven by momentum chasers. The percentage of coins held by short-term 'tourists' is down to just 15%. This tells me there could be room to run if momentum chasers pile in," Timmer said.

Information provided by FinancialNewsMedia.

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New Markets and Businesses Turn to Blockchain Technology
 

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