Bullish: Visa to enable 70 million merchants to make payments in bitcoin
Bitcoin (BTC) is once again taking aim at the US$60,000 mark after Visa and the Federal Reserve made announcements that are extremely positive for the crypto market.
Yesterday evening, Bitcoin climbed from US$54,580 to a daily high of US$59,826 within a few hours. At the time of going to press, the Bitcoin price is at 58,791 US dollars.
The share price was driven by several positive news items. In particular, the Federal Reserve’s (FED) economic forecast led to optimism Bitcoin Trader reviews returning to the crypto markets. The US Federal Reserve announced that it intends to maintain its loose monetary policy for a long time. Both the low interest rate policy and the aggressive bond purchases are to be continued. In addition, the central bank signalled that it is highly unlikely that interest rates will be raised until 2023 – but that was not the only news that boosted Bitcoin.
Asia’s MicroStrategy? Meitu is buying bitcoin and Ethereum
Chinese tech firm Meitu is following MicroStrategy’s lead and has invested another $50 million in Ethereum (ETH) and Bitcoin. In total, Meitu now holds cryptocurrencies worth 90 million US dollars.
The Hong Kong and China-listed company bought 386.08 BTC for US$21.6 million and 16,000 ETH for US$28.4 million on 17 March. Only recently, Meitu had already invested 40 million US dollars in cryptocurrencies.
In its recent press release, the firm pointed out that while Ethereum and Bitcoin are still in an early stage of development, it believes that the crypto space has the potential to be a disruptive force in the existing financial and technology world.
The board believes that the blockchain industry is still at an early stage, similar to the internet industry around 2005, and against this backdrop, the board believes that cryptocurrencies have ample room to increase in value.
Meitu is thus the first Chinese company to buy Bitcoin in large sums. In addition, Meitu is the first company in the world to hold more Ethereum than Bitcoin.
Visa chief: „Bitcoin is digital gold“
Visa is following in PayPal’s footsteps and wants to give its customers and merchants access to cryptocurrencies. The company’s CEO, Alfred Kelly, told Fortune’s Leadership Next podcast on Tuesday that he believes cryptocurrencies will become mainstream in the near future:
We want to enable the buying and selling of bitcoin with Visa. We are also working with companies to allow BTC to be converted into a fiat currency. By doing this, we want to make it possible for any of our 70 million merchants to accept Bitcoin as a payment method.
In addition to Bitcoin, Visa also plans to enable the use of Stablecoin. Alfred Kelly believes these could play a big role in the future of payments. Furthermore, the Fortune podcast reveals that Visa is currently working with over 35 partners who are involved with stablecoins.
The Visa boss perceives cryptocurrencies in two different ways: on the one hand, Bitcoin is the digital replacement of gold for him, and on the other hand, stablecoins are fiat-backed digital currencies, according to Kelly.