The Case(s) for Cryptocurrency in 2019

The Most Bullish Crypto Article You’ll Ever Read

As bulls begin to crawl out of their caves and Crypto Twitter becomes more positive in tone, so does the news surrounding the market. Despite a slur of good news over the past 12 months or so, Bitcoin and the total market cap of cryptocurrencies were on the decline (up until the recent surge in price).

This stock image is weird, but I couldn’t resist using it because the majority of crypto-readers are male and men are more likely to click on thumbnails with women on them.

My Stance

I believe cryptocurrency as a whole isn’t going away. I see it as the future of value exchange. The past two years have been a brutal bear market for all who’ve stayed faithful to the blockchain gods. However, with new institutional players such as Fidelity, BAKKT, JP Morgan, and more entering the space: somethings brewing in the air.

Why is the Cryptocurrency Market Rising?

There’s been a lot of news lately so we’re going to try and keep this brief. Let’s go over large companies that are starting to invest in the cryptocurrency market, whether through investing in it or building the infrastructure to support it. We’ll also touch on other newsworthy information that’s come to light as of late.

AT&T starts accepting bill payments in Cryptocurrency.

Some of the most recent news in the crypto universe is that telecom giant AT&T is now accepting cryptocurrency as a payment method. They’re working with BitPay, one of the oldest crypto payment providers around, and although it’s unclear exactly which currencies will be accepted, it’s not a far stretch to look at the coins BitPay supports and assume AT&T will offer similar support.

Samsung adds cryptocurrencies to Samsung Pay.

If you’re a Samsung phone user you’re probably familiar with Samsung Pay, if not, it’s Apple Pay for Samsung phones. The electronics company is integrating cryptocurrencies into its payment platform, which serves over 10.4 million customers worldwide.

“Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division,” Business Korea

Facebook is creating its own digital currency.

I’m a bit torn about news surrounding Facebook launching, “Global Coin”. I’m an advocate for cryptocurrency and blockchain technology as a whole, not just the bags I’m holding.

“Facebook’s cryptocurrency ambitions could translate into reality as soon as next year. The BBC reports that the social media behemoth is on track to start testing its bitcoin rival — known internally as GlobalCoin — by the end of the year before its digital payments system comes online across 12 countries in the first quarter of 2020.” — CCN

Only time will tell if Facebook can turn its currency into a success after taking big hits to their trustability from events like the Cambridge Analytica scandal.

Square Payments (Cash App) is going to fund and develop blockchain infrastructure.

Square is a payment company launched by Jack Dorsey, the CEO of Twitter. You’ve probably heard of it in relation to its most successful product, Cash App. Jack has taken to the web to start promoting Bitcoin, even going as far as to call mass adoption an “inevitability”.

Starbucks, Whole Foods, and Nordstrom now accept Bitcoin as a form of payment.

A FinTech company called Flexa has created a payment solution that’s now allowing several large retailers to accept Bitcoin as a form of payment. Not much else to say here, but it’s exciting to see such large companies starting to take part in the market, as well as seeing companies owned by giants like Amazon (who owns Whole Foods) showing interest.

Ohio accepts Bitcoin for tax payments while other U.S. states consider the same.

At the moment the only state to officially accept crypto as payment for taxes is Ohio, but other states such as California, New Hampshire, Indiana, and Arizona have mentioned that they’re interested in the opportunity.

Governments have used cryptocurrency to settle trade deals.

Paraguay and Argentina recently used Bitcoin to settle a trade deal between the two nations. A quote from the source article explains the details of the deal.

“The two South American countries used the world’s largest cryptocurrency to complete Paraguay’s purchase of pesticides and fumigation products from Argentina. Paraguay paid roughly $7,100 in Bitcoin to settle the transaction. The Bitcoin payment was instantly converted into Argentine pesos through Bitex, a financial services provider that supports Bitcoin payments.”

Long Story Short

This news, along with the launch (and success) of Bitcoin Futures on CBOE, shows the immense appetite for cryptocurrencies now, and in the future.

What About the Fundamentals?

Beyond the interest of businesses and investors, Bitcoin is also nearing a critical moment in its history, the Bitcoin Halving event.

Bespoke Design Labs / Blockchain Lead @ Akoin / Obsessed with decentralized economies and blockchain as a whole: reza@bdl.media

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