It’s February, 2022. You and your friend just ordered pizza delivery using cryptocurrency because why would you do it any other way?
Your friend sends you a Venmo request for 0.0005698 Bitcoin (BTC) since she paid for the food through her Bitcoin wallet on PayPal. You don’t mind because you know that your paycheck for 0.00835 BTC is on it’s way the next day and rent isn’t due for another couple of weeks, which you also pay for through Venmo and your Bitcoin wallet.
All of this might have sounded unlikely a couple of days ago but now it’s the reality: Paypal will be introducing crypto payments for customers to be able to shop at any merchant that uses PayPal.
Even though crypto enthusiasts might think this is a step back from the decentralized and non-custodial nature of the blockchain (where no company or individual holds your money), no one can argue that the increased exposure is bad for the growth of the industry. In fact, it’s only going to move things forward.
Paypal has 346 million active accounts, of which 26 million are merchants. While there have been other major companies to dive into the crypto world, such as Square’s 1% Bitcoin asset allocation and MicroStrategy’s $175M investment, we have never seen this many people exposed to crypto at one time. Based largely on the news on Wednesday, Bitcoin price surged from around $11,900 to over $13,000 (and stabilized at around $12,700 as of this writing). Analysts think we are at the start of another bull market and we are still at the very early stage of the adoption phase.
During such an exciting time for the crypto world, I’m happy to be working at a company at the forefront of the crypto payments industry: Gilded Finance. Gilded is a software company focused on helping companies manage their crypto accounting systems, and I’m working on the marketing team as a content marketer.
I’m so excited for all of the new potential companies that are going to start paying with crypto as it becomes more and more acceptable in the mainstream to do so. Adoption is going to increase exponentially in the next couple of years (we will see countries start to adopt Bitcoin into their Federal Reserves.). Gilded is ready to help facilitate the accounting systems and payment processing for companies across the world.
We’re still in a time comparable to the early days of the internet (where in the late 1990s many of the internet companies did not last into the 2000s). Some individuals, companies, and countries will be left behind but it’s only going to bring us one step closer to widespread adoption.
Cheers to the crypto revolution,
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