For the most part, Bitcoin has managed to successfully hold on to the gains it earned last week, now trading at the $45,000 range at the time of writing. This new bull run, having achieved a new high above $47,000, is primarily thanks to Elon Musk and Tesla Inc, as the company had made a $1.5 billion investment into it.
Biggest Players Now Supporting BTC
This week saw Bitcoin jump around 15% upwards, having successfully broken through the previous top resistance of just under $42,000. With Musk, the richest man in the world now, endorsing cryptocurrencies, interest within the space soared once more. Musk elected himself as a central figure within the crypto space, supporting the arguments that mainstream organizations, Wall Street included, are becoming more and more accepting of crypto.
Prior to the big investment move from Tesla, Musk himself had already made it clear that he was a Bitcoin supporter, and after that, he was part of the great DOGE bull run. The Dogecoin, originally started as a meme, saw yet another pump and dump event occur. Reddit, helped by Musk, managed to drive the price up to brand new highs.
Mastercard Wanting A Share
Now, however, it seems that new players are entering the ring: None other than Mastercard Inc. Mastercard stands as the latest mainstream firm this week that has decided to embrace cryptocurrencies. The payments giant announced that it’s planning to start allowing its cardholders to make transactions within certain cryptocurrencies.
Furthermore, Mastercard revealed that it was “actively engaging” with the world’s various central banks as they plan to launch multiple new cryptocurrencies. This all came by way of a blog post made on Wednesday.
John Wu stands as the President of Ava Labs, and gave a public statement about the matter at large. He explained that the plans of crypto payment integration of Mastercard is itself another clear sign of our current financial infrastructure making massive structural shifts. He explained that the world’s payment platforms are starting to turn to crypto to serve as better solutions regarding today’s Internet-enabled, borderless economy.
Twitter Joining In
Another big player within the Bitcoin space is none other than Twitter Inc. The social media giant claims to have done a fair deal of “upfront thinking” as to how it should handle Bitcoin.
“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in #bitcoin, how we might pay a vendor if they asked to be paid in #btc and whether we need to have #btc on our balance sheet,” says @NedSegal $TWTR. pic.twitter.com/KjIgnqDmYC
— Squawk Box (@SquawkCNBC) February 10, 2021
These considerations include whether or not vendors and employees should be able to ask to be paid in crypto. Another important question was whether or not it needs to hold crypto within its own balance sheets.