Cool Hip Tech Brands Don’t Get Bitcoin, But Global Brands Do

Singh, a financial technology veteran hired by BitPay for his ability to bring new products to market, believes Bitcoin is the least expensive way for …

“I talk to cool hip tech brands who are spending all this money on marketing right now,” says BitPay Chief Commercial Officer Sonny Singh. “All they have to do is accept bitcoin to get new customers. The whole crypto community, which has been valued as high as $800 Billion, would know about these brands. [They] would probably be doing about 5-10% of their online sales in bitcoin. And of that 5-10%, nearly 60% of those customers will be first-time customers.”

BitPay hired Singh for his fintech experience.

Sonny Singh, Chief Commercial Officer, BitPay

Karina Louise Photography

Singh, a financial technology veteran hired by BitPay for his ability to bring new products to market, believes Bitcoin is the least expensive way for brands to acquire new customers quickly.

“Yet, cool hip tech brands are the ones not doing it,” he says. “It boggles my mind when I talk to these mid-tier brands and they don’t even know about [bitcoin]. These are cool tech kids that are running these companies, backed by VCs. And they don’t even understand how Bitcoin works?”

Global brands like Microsoft, NewEgg, ATT, Avnet, Dish Networks all accept Bitcoin, but very few silicon valley startups or technology unicorns do.

“I get snail mail every day from new startups trying to get me to buy their sleeping mattresses or eye glasses when they could increase their sales dramatically by accepting Bitcoin,” he says. They’ll say they’re too busy or that they can’t hold bitcoin on their balance sheet.

“And we tell them they don’t have to,” says Singh. “They can settle in US dollars the next day. It is still not interesting to them. They’re going to get [potentially millions] in new revenue per year. Do they care about that? Still, they say, it’s not a fit for them right now or they’re too busy.”

According to Singh, merchants tell BitPay – which processed over $1 billion-worth of cryptocurrency transactions in 2018 for the second year in a row – that 53% of their customers that spend with bitcoin are new customers. Since you’re not spending much money to acquire these customers, the customer acquisition cost is, therefore, relatively low. And growing companies need revenue the most. But, while they might pay millions of dollars for an advertisement, they won’t implement Bitcoin and court its community.

“If you want to go after a community that is 18-45, affluent, 80% male, then the quickest way to do that [for those companies] is to accept Bitcoin,” says Singh.

When compared with credit cards, BitPay offers real savings. Accepting Bitcoin through BitPay costs 1% and is cheaper than a credit card by about 4%. There is no chargeback exposure. Merchants pay 2.75% through Stripe with a 2% chargeback risk on top of that. “You can make 4% margin on every product you sell Bitcoin versus credit cards,” says Singh.

Air Baltic, one of the largest airline carriers in Europe, charges a 5 euro fee on credit card purchases. With bitcoins, which the company accepts through BitPay, there is zero fee. Airlines and cell phone providers, such as new bitcoin accepting AT&T, have tight margins. Though mid-level tech brands aren’t always convinced by increased revenue and lower fees, payment managers at Microsoft and Newegg, both of which accept Bitcoin, recognize the payment value proposition. Singh doesn’t think they’re too concerned about $10 million to $20 million in new revenue.

When first considering accepting Bitcoin, big brands first want to know the legal implications of accepting Bitcoin. The legal team looks at it, and since there is nothing illegal about accepting Bitcoin payments, they sign off on it. Their next question often centers around if the payment method needs to be marketed any differently. They don’t.

“A lot of the project managers at Microsoft and AT&T, and the people doing the implementation, don’t know bitcoin and neither do most of the executives,” says Singh. “It takes longer to explain because they haven’t used bitcoin before.” Sometimes, BitPay’s educational efforts lead to individual converts. By the time BitPay went live at Avnet, for instance, a couple of the guys on the implementation team owned their own bitcoins. But, in general, big companies don’t have a lot of bitcoin champions internally.

When implementing Bitpay, big corporations assign project teams, and make a big deal of the timeline. “It’s great to watch them do it that way versus regular merchants [who] install a code and put it live,” says Singh. “They accept their timeline and dates and update calls every week, and do testing every week – it’s pretty amazing.” Eventually, it goes live.

“They just see it as a great payment option that they themselves might not use,” he says. “Then they learn why it’s better during the whole implementation process, and how supportive the community is by all the media attention they get. When big brands see Microsoft and Dish Networks go live, they take notice. It helps move brands.”

BitPay processed $1 billion in transactions in 2018.

A mobile, QR-code payment made via the BitPay app.

BitPay

BitPay has executive meetings with Fortune 2000 companies, and their executive teams often want to learn about Bitcoin. They want to know what they can do with it. BitPay sometimes does more education in these meetings than selling, giving them background on Bitcoin, how it works, the crypto community, cryptocurrency regulation and things like that.

The Fortune 500 brands BitPay talk to generally don’t understand how bitcoin transactions work. And so BitPay talks to them over and over again. Payment managers, who are supposed to be payment experts, don’t know how Bitcoin works. “They assume they have to hold it on their balance sheet and it is too volatile,” says Singh.

When they learn they do not need to do this when using BitPay, accepting Bitcoin makes more sense. The follow-ups begin to look more like traditional sales once the educational aspect is through.

For big brands like AT&T, it comes down to the pros and cons. “It’s cheaper and quicker than a credit card,” he explains. “People all throughout America get it.”

AT&T began accepting Bitcoin through BitPay in 2019. Anything that’s in their web app and the mobile app can be paid for in bitcoin. BitPay started engaging with AT&T a year and a half ago. AT&T is actually charging that 1% fee back to the customer.

“The AT&T excitement gets all these other brands moving faster now, that really helps everything out,” says Singh.

When Avnet, a world-leading distributor of electronic components and services, began accepting bitcoin payment process BitPay in March 2019, the news made Avnet the third largest technology company in the U.S. to accept Bitcoin payments, behind Microsoft and Dell.

“If you’re in Brazil, and you need to buy $2 million IBM servers from Avnet, you send Avnet $2 million and you pay 2% FX spreads on both sides, and it takes five days,” says Singh. “We can help Avnet get paid in one day, for a 1% fee and settled in USD.”

To BitPay, that’s really the pain point that Bitcoin can solve for cross border payments. They’re cheaper and quicker than wires in most regions in the world. “CFOs hate bank wires,” said Singh. “You send a million dollars from Thailand and it comes out in America at $950,000 dollars. What happened to the $50,000? FX fees. They might not even tell you how much it’s going to be half the time or how long it’s going to take.”

While some Bitcoin purists are upset that the whole world’s not accepting bitcoin yet, Singh is convinced of BItcoin’s value position in payments and confident in the progress it has made.

“From a Fintech point of view, Bitcoin’s actually working,” says Singh. “It’s making great progress. Everyone around the world knows the name Bitcoin now and understands bitcoin a little bit. It’s got the same brand recognition as Coca Cola or IBM, Argentina, Brazil or India now, which is pretty remarkable because it happened naturally and virally. Nothing in fintech moves fast, and this is moving faster than anything we’d ever seen in fintech before. “

Singh, is not concerned Bitcoin is not yet at McDonald’s. “It doesn’t solve a pain point at McDonald’s. But, we’re slowly seeing its adoption in use cases around the world.”

BitPay employees in the US, Europe, and Latin America receive part of their salaries in Bitcoin. In Argentina, its employees take one hundred percent of the salary in bitcoin. Why?

“Not because they think bitcoin is going up,” says Singh. “Because their own currency goes down. That’s the value of Bitcoin the American’s don’t quite see. Because in America it’s just been trading or speculation. People outside and America and Europe need bitcoin. They trust it more than their own currency.

He adds: “In the US, we all trust USD, and in Europe they trust the euro. Outside of that, most people don’t trust their own currency. Bitcoin enables them as a currency hedge. If you’re in India, and you want to buy something on Microsoft’s website, your Indian credit card wouldn’t work anyway. Bitcoin enables people all over the road to be part of the global economy now and you are getting the same Bitcoin in India as in Argentina and the US, which is the same bitcoin that Microsoft accepts. It’s actually working in a full circle and brings everyone together. That’s the message people miss.”

Related Posts:

  • No Related Posts

Crypto Payments on Real Estate to Double in 2019, Says BitPay

BitPay is increasingly becoming an established name in the real estate industry, with the Grove Resort & Water Park complex in Orlando, Florida, the …

BitPay is increasingly becoming an established name in the real estate industry, with the Grove Resort & Water Park complex in Orlando, Florida, the latest firm to accept bitcoin payments for their luxury condo residences, effective from August 6.

In 2017, BitPay processed approximately $20m in real estate transactions. However, the figure dropped to about $6 million in 2018 following the bottoming out of the crypto market, according to BitPay’s chief commercial officer, Sonny Singh.

And in just the first two quarters of 2019, the bitcoin service provider says it has already processed more than $5m in real estate payments.

Singh said the company is expecting to double its real estate business year after year, having processed $2.7m in 2018 in only direct real estate transactions with “around twice as much via escrow companies and law firms acting as escrows.”

In addition to acting as a payment processor for home buyers, BitPay remains the largest processor of bitcoin in the world with around $1b in yearly business. The company exchanges the cryptocurrency into US dollars and channels the funds to an escrow agent on behalf of the buyer.

Singh said BitPay made its first real-estate transaction through California-based real estate agent Piper Moretti around 2015. Since then, the firm has processed millions in real estate transactions for organizations and individuals, with 2019 currently standing as the best year to date.

The average price of a home purchased via the exchange is about $1m, according to Singh. “These are not $30,000 houses,” he said.

The firm has perpetual relationships with multiple developers as well as real estate agents such as New York-based Magnum Real Estate and JetRE.

BitPay also processes real estate payments in some of the world’s most luxurious housing markets, including Dubai.

Around 79% of the company’s real estate transactions happened overseas, though 34% of the dollar value accrued from domestic U.S buyers.

Latest partner.

Grove Resort condos go for anywhere from $330,000 to $595,000 for a property five minutes from Disney World.

In the last few months, there has been an increase in potential clients from Turkey, China and Brazil inquiring about bitcoin purchases, according to a director David D’Ambrosio, a director at the resort.

“It was easy to determine the potential market available,” said D’Ambrosio, suggesting that “bitcoin hodlers” were seeking a way to expand their portfolios.

He said the resort contacted BitPay because the company “has done a couple of billion in transactions, and at least a few million in real estate just in Florida and Southeast U.S.”

BitPay charges a 1% processing fee and settles in seconds. In comparison, bank wire transactions incur a 5% processing fee and may take several days to clear, according to Singh.

D’Ambrosio added, depending on conditions, the resort “as developers could help contribute towards that [processing fee], we could help pay for the title fee.”

Grove Resort presently only accepts bitcoin, but may allow other currencies in the future.

Source Link:https://www.coindesk.com/bitpays-crypto-based-real-estate-business-is-expanding-this-year

Related Posts:

  • No Related Posts

The Inner Scoop on Why AT&T Pulled the Trigger on Bitcoin

“At any time when a Fortune 500 firm accepts bitcoin, it’s repeatedly gorgeous spirited, because they don’t need the income,” says BitPay Chief …
By CCN: When AT&T became the first major mobile provider to accept bitcoin for bill payments through the AT&T website and the myAT&T mobile app, 150 million AT&T customers received the opportunity to pay their cell phone bill using cryptocurrency.“Whenever a Fortune 500 company accepts bitcoin, it’s always pretty interesting, because they don’t need…


By CCN: When AT&T changed into the first vital cell provider to accept bitcoin for invoice payments by the AT&T web space and the myAT&T cell app, 150 million AT&T clients acquired the opportunity to pay their cell cell phone invoice using cryptocurrency.

“At any time when a Fortune 500 firm accepts bitcoin, it’s repeatedly gorgeous spirited, because they don’t need the income,” says BitPay Chief Commercial Officer Sonny Singh, talking to CCN. “And, the noteworthy brands are a miniature bit extra conservative, while bitcoin is a more recent cost option. It’s possible you’ll perhaps perhaps reflect the cooler companies may perhaps perhaps be speeding to accept bitcoin earlier than Dish Community, AT&T, and Microsoft.”

BitPay Exec Presents Inner Scoop on AT&T’s Shock Crypto Play

AT&T bitcoin

AT&T’s market cap is $237 billion virtually $100 billion extra than the mixed designate of all BTC in circulation. | Source: Shutterstock

Nevertheless, it’s been the assorted plot around, Singh told CCN, talking in an queer interview offering the interior scoop on how his firm helped AT&T lift the leap into crypto payments even as some arrive worldwide locations mull outright bans on bitcoin ownership.

“Wide companies are these that are being extra innovative than the smaller companies,” he says. “The smaller companies are current to the payments plight. They don’t know the scheme it works, and they’re exact so busy with their avenue map. They may be able to’t detect that by adding bitcoin, they’re going to magnify their income a couple of share aspects every month. They don’t seem to care about that, even supposing its more cost-effective than a bank card, too. The noteworthy brands detect that right here’s innovative, and they beget to be a phase of that.”

How AT&T Started Accepting Bitcoin

BitPay first began discussing bitcoin payments with AT&T a couple of year and a half within the past.

“We stayed in contact and pitched them on varied strategies about how they’ll accept bitcoin,” Mr. Singh told CCN.

In the discontinuance, the telecommunications behemoth determined to switch ahead with bitcoin about six months within the past, even because the bitcoin designate cratered amid a brutal market downturn.

“They had been asked by clients if they’d also pay in bitcoin,” says Mr. Singh. “So, they realized they’d ample interrogate for it.” When a noteworthy label decides to accept bitcoin, it’s a noteworthy deal operationally.

“The choice goes to the tip, the CEO has to designate off on it, after which the media gets involved,” stated Singh. “It may perhaps perhaps’t exact be one analyst that wants to accept bitcoins. AT&T talked about it internally and they stated they beget to construct this. Once a noteworthy firm love AT&T approves one thing, they place folk to it and safe stuff performed.”

Even the CEO Needed to Label Off on Bitcoin Funds

bitcoin crypto

Most folk don’t realize how advanced a job it genuinely is for a Fortune 500 firm love AT&T to drag the situation off on bitcoin payments. | Source: AFP PHOTO / PHILIPPE LOPEZ

What’s the job love when after a noteworthy label love AT&T chooses to accept bitcoin?

“The moral crew appears to be like to be at it,” Singh explains. “They survey at authorities law and detect that you simply’re allowed to fabricate a bitcoin cost. Then the finance and tax crew soar in. They demand, ‘How does that impact our taxes? Salvage we’ve to ascertain bitcoin? Does the finance must fable for this in a completely different plot than a bank card transaction?’”

Once they realize they construct no longer must establish the bitcoin, thus minimizing their bother, they’re extra birth to accepting crypto payments.

“Then, it’s on to marketing,” says Singh. “They demand, ‘Is there a marketing perspective?’ Then they construct checking out on how it works as a ways because the associated price float.’”

Once utilized, AT&T, which charges BitPay’s 1% transaction price support to the person, didn’t reflect there may perhaps perhaps be great media attention.

“They thought they would fabricate a assertion and that’d be it,” stated Singh. “They’re bowled over by the entire attention they acquired. It’s exact yet every other cost strategy to them, love adding Apple Pay or Google Pay.”

Sonny Singh Claps Abet at Crypto Grouches

bitpay, sonny singh

Sonny Singh says it’s perfectly sensible for AT&T to cash out its BTC in place of holding crypto on its steadiness sheet. | Source: Bloomberg/YouTube

Singh takes exception with the belief perpetuated within the bitcoin community that AT&T is no longer genuinely accepting bitcoin since they’re no longer holding it, selecting as an alternative to cash out straight for fiat currency.

“I don’t perceive that logic,” Singh admits. “Whenever you happen to accept Visa and Mastercard, you don’t safe Visa or Mastercard credit the following day, you safe USD. So, BitPay runs their system the same plot Visa runs it. You accept Visa and a bank sends you cash — USD — the following day. No one holds Visa credit in their pockets.”

He also says it’d be laborious for a firm love AT&T to ascertain bitcoins on their steadiness sheets fine now.

“They are exact getting their toes wet in this,” says Singh. “It’s a ways-fetched to reflect they would establish bitcoin at this initial stage. Perchance a couple of years from now. Nevertheless, fine now, they’re exact looking out to be taught about this thing, and they beget to safe reside as soon and as easy as conceivable. If they had been to ascertain bitcoin, that can birth up tax factors that can delay all the things quite dramatically.”

He adds:

“With these noteworthy companies, you gotta breeze in phases. It’s possible you’ll perhaps also must safe them to accept bitcoin, roll out to varied merchandise, and perhaps they’ll establish a bunch of bitcoin at closing.”

Domino Salvage Would possibly per chance perhaps perhaps Spur Usual Crypto Acceptance at Fortune 500 Corporations

One thing that is particular to Singh is that, when a noteworthy label love AT&T accepts bitcoin, it makes it less difficult to convince others to construct the same.

“When I uncover brands now that AT&T exact went reside, they’re love, ‘Wow, that’s amazing. Display how it works, perhaps we may perhaps perhaps also simply peaceable construct this, too,’” Singh stated. “AT&T helped brands all the plot in which by The US switch faster to accept bitcoin now, which is a critical thing.”

Read More

Related Posts:

  • No Related Posts

The Inside Scoop on Why AT&T Pulled the Trigger on Bitcoin

By CCN: When AT&T became the first major mobile provider to accept bitcoin for bill payments through the AT&T website and the myAT&T mobile app, …


By CCN: When AT&T became the first major mobile provider to accept bitcoin for bill payments through the AT&T website and the myAT&T mobile app, 150 million AT&T customers received the opportunity to pay their cell phone bill using cryptocurrency.

“Whenever a Fortune 500 company accepts bitcoin, it’s always pretty interesting, because they don’t need the revenue,” says BitPay Chief Commercial Officer Sonny Singh, speaking to CCN. “And, the big brands are a little more conservative, while bitcoin is a newer payment option. You would think the cooler companies would be rushing to accept bitcoin before Dish Network, AT&T, and Microsoft.”

BitPay Exec Gives Inside Scoop on AT&T’s Shock Crypto Play

AT&T bitcoinAT&T bitcoin

AT&T’s market cap is $237 billion nearly $100 billion more than the combined value of all BTC in circulation. | Source: Shutterstock

But, it’s been the other way around, Singh told CCN, speaking in an exclusive interview providing the inside scoop on how his company helped AT&T take the leap into crypto payments even as some come countries mull outright bans on bitcoin ownership.

“Big companies are the ones that are being more innovative than the smaller companies,” he says. “The smaller companies are new to the payments space. They don’t understand how it works, and they are just so busy with their road map. They can’t see that by adding bitcoin, they’re going to increase their revenue a couple of percentage points every month. They don’t seem to care about that, though its cheaper than a credit card, too. The big brands see that this is innovative, and they want to be a part of that.”

How AT&T Began Accepting Bitcoin

BitPay first began discussing bitcoin payments with AT&T about a year and a half ago.

“We stayed in touch and pitched them on different ideas about how they can accept bitcoin,” Mr. Singh told CCN.

Ultimately, the telecommunications behemoth decided to move forward with bitcoin about six months ago, even as the bitcoin price cratered amid a brutal market downturn.

“They had been asked by customers if they could pay in bitcoin,” says Mr. Singh. “So, they realized they had enough demand for it.” When a big brand decides to accept bitcoin, it’s a big deal operationally.

“The decision goes to the top, the CEO has to sign off on it, and then the media gets involved,” said Singh. “It can’t just be one analyst that wants to accept bitcoins. AT&T talked about it internally and they said they want to do this. Once a big company like AT&T approves something, they assign people to it and get stuff done.”

Even the CEO Had to Sign Off on Bitcoin Payments

bitcoin cryptobitcoin crypto

Most people don’t realize how complicated a process it really is for a Fortune 500 company like AT&T to pull the trigger on bitcoin payments. | Source: AFP PHOTO / PHILIPPE LOPEZ

What’s the process like when after a big brand like AT&T chooses to accept bitcoin?

“The legal team looks at it,” Singh explains. “They look at government regulation and see that you’re allowed to make a bitcoin payment. Then the finance and tax team jump in. They ask, ‘How does that affect our taxes? Do we have to hold bitcoin? Does the finance have to account for this differently than a credit card transaction?’”

Once they realize they do not need to hold the bitcoin, thus minimizing their risk, they’re more open to accepting crypto payments.

“Then, it’s on to marketing,” says Singh. “They ask, ‘Is there a marketing angle?’ Then they do testing on how it works as far as the payment flow.’”

Once implemented, AT&T, which charges BitPay’s 1% transaction fee back to the consumer, didn’t think there would be much media attention.

“They thought they would make a statement and that’d be it,” said Singh. “They’re surprised by all the attention they got. It’s just another payment option to them, like adding Apple Pay or Google Pay.”

Sonny Singh Claps Back at Crypto Grouches

bitpay, sonny singhbitpay, sonny singh

Sonny Singh says it’s perfectly reasonable for AT&T to cash out its BTC rather than holding crypto on its balance sheet. | Source: Bloomberg/YouTube

Singh takes exception with the concept perpetuated in the bitcoin community that AT&T is not really accepting bitcoin since they’re not holding it, choosing instead to cash out immediately for fiat currency.

“I don’t understand that logic,” Singh admits. “When you accept Visa and Mastercard, you don’t get Visa or Mastercard credits the next day, you get USD. So, BitPay runs their system the same way Visa runs it. You accept Visa and a bank sends you money — USD — the next day. No one holds Visa credits in their wallet.”

He also says it’d be hard for a company like AT&T to hold bitcoins on their balance sheets right now.

“They are just getting their toes wet in this,” says Singh. “It’s far-fetched to think they would hold bitcoin at this initial stage. Maybe a couple of years from now. But, right now, they’re just trying to learn about this thing, and they want to get live as soon and as easy as possible. If they were to hold bitcoin, that would open up tax issues that would delay everything quite dramatically.”

He adds:

“With these big companies, you gotta go in phases. You have to get them to accept bitcoin, roll out to other products, and maybe they will hold a bunch of bitcoin eventually.”

Domino Effect Could Spur Widespread Crypto Acceptance at Fortune 500 Companies

One thing that is clear to Singh is that, when a big brand like AT&T accepts bitcoin, it makes it easier to convince others to do the same.

“When I tell brands now that AT&T just went live, they’re like, ‘Wow, that’s amazing. Explain how it works, maybe we should do this, too,’” Singh said. “AT&T helped brands all over America move faster to accept bitcoin now, which is the most important thing.”

Recent Bitcoin Boom Just The Tip Of The Iceberg, Just You Wait: BitPay’s Singh

Every few months, Sonny Singh, the chief commercial officer at the Atlanta-based Bitcoin (BTC) payment processor BitPay, appears on Bloomberg to …

Every few months, Sonny Singh, the chief commercial officer at the Atlanta-based Bitcoin (BTC) payment processor BitPay, appears on Bloomberg to talk up cryptocurrency.

On Tuesday, he continued this trend, appearing on Bloomberg TV’s “Technology” segment to discuss what’s behind the recent digital asset boom, and why this is the start of a longer-term move to the upside.

Bitcoin Price Gain

Almost no one foresaw Bitcoin rallying over $8,800 by May 2019 in December 2018. At that point, investors across the board were throwing in the towel, claiming that cryptocurrency had no future.

But over the past few months, we’ve seen the industry ostensibly explode. Mainstream media is all for covering Bitcoin again, industry sites have seen a massive uptick in traffic, and “cryptocurrency” and “blockchain” seems to be back in the vernacular of everyone and their mother.

Fundamentals Behind Bitcoin Surge

According to Singh, this surge both in public awareness and in the press has much to do fundamentals. He explains that while 2017’s boom and 2018’s massive downturn was driven by hysteria and “momentum”, Bitcoin’s jump from $3,200 to $8,000+ is actually backed by infrastructural developments. The Bitpay C-suite member names the following developments:

  • JP Morgan’s JPM Coin: Earlier this year, the banking giant launched its own cryptocurrency on Quorum, a private version of the Ethereum blockchain meant for more enterprise-specific tasks. JP Morgan has been using the digital asset as a way to transfer value inter-bank but intends to allow JPM Coin to see use in brick and mortar/online stores in the future. While JPM Coin is incompatible with Bitcoin, analysts suggest it will warm the public up to the idea of cryptocurrency.
  • AT&T Accepts Bitcoin: Announced last Thursday, AT&T, a Texas-based American technology giant valued at $234 billion, will be accepting Bitcoin payments for its services through BitPay. Per a press release, AT&T is now the first “major U.S. mobile carrier” to provide its millions of customers with the ability to purchase services for cryptocurrency. This doesn’t mean that the firm is accumulating BTC per se, but it does show that AT&T acknowledges BTC as a viable medium of exchange.
  • Square’s Cash Offering BTC: Although Square’s Cash App has been offering Bitcoin purchases and sells for its clientele since the peak of 2018’s boom, the company has continued to sell more and more BTC quarter-over-quarter. What’s more, Cash is continually near the top of the U.S. App Store, and the Bitcoin service is built right in, thereby increasing public awareness of Bitcoin greatly.
  • Fidelity Investments With An Institutional Custody And Trade Execution Play: Fidelity Investments, one of the world’s largest asset managers, has begun to offer an institutional-centric cryptocurrency custody and trade execution service for beta testers in its 20,000-odd non-retail clients.

Singh notes that these underlying shifts in cryptocurrency infrastructure confirm the validity of this asset class, and “is making people really excited, as is the light at the end of the tunnel for use cases.”

Interestingly, the catalysts that Singh named is somewhat different than what other industry executives have postulated in other segments on primetime television.

Prominent Bitcoin booster Tom Lee suggested last week that much of the recent move has a lot to do with uncertainty on the geopolitical and macroeconomic stage, which has recently been slammed by the ongoing U.S.-China trade war, Brexit, and the financial collapses of Venezuela, Argentina, and other nations. Or in other words, BTC is acting as a form of digital gold.

The Start Of Something Crazy

The move to $9,000 is, as Singh put it best, the “tip of the iceberg” though. He reminds viewers of Bloomberg that many cryptocurrency projects from big-name corporations have yet to launch, or haven’t even been announced yet.

He looks to the recent news regarding Facebook’s digital asset, Globalcoin; Square’s intention to integrate the Lightning Network to bolster merchant adoption; and the fact that retail brokerage giants E*Trade and TD Ameritrade may soon offer spot cryptocurrency trading to their clientele.

As he concludes:

The real products haven’t launched yet. Facebook Coin isn’t here; Square hasn’t launched its product yet; Fidelity’s platform is still in limited beta. Who knows what’s going to happen? I wasn’t talking about Facebook last time I was on this show, they came out of nowhere. This is why you need to be long on this space.


3Commas


Crypto Books

Download our Free Cryptocurrency Books

Signup to download our eBook Collection.

We will also send our weekly newsletter on a Friday lunchtime with the latest Crypto News & topics from Blockonomi. No Spam, ever.

You will receive 3 books: Bitcoin, Ethereum & Lightning Network + All Future Books.

You have Successfully Subscribed!

Related Posts:

  • No Related Posts