In America, only 15% of its population owns Bitcoin or Ethereum, which are both forms of digital currency. Many of these investors bought their crypto over the last couple of years. It does not matter where one stands concerning investing in cryptocurrency; it is set to impact the future of business transactions, share Earnity co-founders Dan Schatt and Domenic Carosa.
Bitcoin was primarily introduced to the public by the CEO of MicroStrategy, Michael Saylor. The publicly traded company is recognized for having capital excess and reserves, with its operations going as far back as 1989. Its CEO remarked that crypto is “superior to cash,” leading some institutions to become skeptical about the pronouncement, which resulted in a snowball effect.
Adding to the list of business leaders boosting crypto is Elon Musk of Tesla. Musk purchased $1.5billion worth of Bitcoin on behalf of Tesla, encouraging an institutional adoption of cryptocurrency. In addition, the American electric vehicle company recently announced that customers could purchase vehicles with Bitcoin. Dan Schatt and Domenic Carosa of Earnity also note that PayPal is among the pioneers of facilitating digital transactions. With PayPal’s history of being a catalyst for simplified transactions across different borders within minutes, it is only fitting for the platform to hop on the cryptocurrency train.
In addition to PayPal, Mastercard and Visa are endorsing the use of Bitcoin. For instance, Visa now allows transactions using stablecoins on the Ethereum blockchain. Stablecoins are cryptocurrencies developed to carry a relatively stable price, generally pegged to a currency or commodity or have its supply managed by an algorithm.
For global companies with employees working remotely from different parts of the world, payroll through cryptocurrency would be more convenient. In addition, converting dollars to local currencies will no longer be a problem for employers as making cross-border transactions with crypto would see minimal to no fees at all.