“Paper money is going away”
This was the opinion of Elon Musk, in an interview on FYI Podcast back in early 2019.
Such a bold comment was scrutinized by some at the time, but has aged quite well considering the state of cryptocurrency today. Tesla’s 1.5 billion dollar Bitcoin buy last week turned quite a few heads, but many other large companies have already come forward in saying that cryptocurrency will be a part of their future plans. Let’s look at some of the big names getting in on the action.
BNY Mellon
America’s oldest bank announced last week that they'll be creating a ‘digital assets’ service later this year.
Mastercard
The massive credit card provider also created large headlines last week, when they revealed that they’ll be bringing crypto onto their network.
CEO Jack Dorsey was an early supporter, and has backed many projects in the crypto space. CFO Ned Segel also announced that the company is looking into paying employees in Bitcoin, if they are interested.
Square
The payment processor owned by Jack Dorsey invested 50 million in Bitcoin last October, representing around 1% of the company's assets at the time.
Morgan Stanley
The Investment bank’s 150 billion dollar investing arm, Counterpoint Global, is rumored to be exploring options in the cryptocurrency space.
JPMorgan
Co-president spoke recently saying he’s “sure” demand for Bitcion will continue to rise, to the point where the investment giant “will have to be involved.”
Bitcoin conquered the 50k threshold yesterday morning, and has quieted the naysayers so far in 2021. It will be interesting to keep an eye on how many fortune 500 companies decide to put resources into cryptocurrency as the year progresses.