While the major indices go haywire over rising Treasury yields, cryptocurrencies are still exploding higher. Bitcoin, for example, is near $60,000. Ethereum is back to $1,835. Binance Coin is up 10% to $301. Cardano is up to $1.21.
All could easily see higher highs.
Helping quite a bit, Visa will allow the use of digital currency to settle transactions on its payment network, according to Reuters.
“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of crypto at Visa added.
PayPal just announced it would launch a crypto checkout, which would allow consumers to pay with Bitcoin at millions of retailers. “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and CEO Dan Schulman told Reuters.
ARK Invest CEO Cathie Wood says, “If we add all of the potential demand relative to the limited supply, we come up with incredible numbers over the long term. We have just begun. One trillion dollars is nothing compared to where this ultimately will be,” as quoted by Benzinga.
She added, “I think the most surprising development recently, and we didn’t expect it when we wrote our institutional report, is that companies are now diversifying their cash with Bitcoin. We’ve seen Square do this, Tesla do it… MicroStrategy is defining its business around it now.”
In addition, PwC says it expects to see further industry consolidation.
“We expect the focus to be not on the acquisition of smaller competitors but rather of firms that offer ancillary services to their current offering,” they said, as quoted by Business Insider.
If cryptocurrencies aren’t for you, take a look at crypto mining stocks that typically run with the digital currencies. Some of the top miners include Bit Digital (BTBT) Marathon Digital Holdings (MARA), HIVE Blockchain Technologies Ltd. (HVBTF), and Riot Blockchain (RIOT).