Bitcoin is now bigger than PayPal, Coca-Cola, Netflix & Disney

Photo by Travis Gergen on Unsplash

November 09, 2020

  1. Bitcoin is now bigger than PayPal, Coca-Cola, Netflix & Disney
  2. Blockchain Powered E-Voting Protocol Developed by Layer X Labs
  3. Crypto ATMs are Coming Online at a Rate of One Per Hour
  4. Covid-19 Driving More Non-Profit Organizations to Accept Crypto 

Bitcoin is now bigger than PayPal, Coca-Cola, Netflix & Disney

Photo by Héctor Vásquez on Unsplash

Bitcoin (BTC) has officially surpassed big-name companies by market capitalization in recent months, surging from $190 billion to $280 billion.

The weekly price chart of Bitcoin. Source: TradingView.com

According to the chart above by TradingVidew, BTC’s market cap at $280 billion is larger than every US company, including Netflix, PayPal, BofA, Coca-Cola, Salesforce and Disney, other than the top 17. 

Top companies in the U.S. by market capitalization. Source: Dogs of the Dow

To surpass Apple, world’s most valuable company, BTC must reach a market cap of $120k. At present, BTC still ranks below major US financial institutions like Visa, Mastercard, and JP Morgan. 

Nonetheless, investors are optimistic about BTC’s growth and hit new all-time highs by 2021. The cryptocurrency investors perceives BTC as a resilient store of value that would push beyond its current valuation.
Former Google and Morgan Stanley alumni, Tyler Reynolds, states,

“As it’s currently shaping up, the next bull run will be led by BTC with the very narrative that OGs have been saying since 2011: Bitcoin’s hard supply cap makes it a durable SoV as governments devalue their fiat currencies to support unconstrained government spending.”

BTC’s ability to act as a hedge in a diverse portfolio makes it attractive to institutions as it further exposes investors to BTC’s asymmetric risk-reward potential. 

Source | Cointelegraph

Blockchain-Powered E-Voting Protocol Developed by Layer X Labs

Photo by Marvin Meyer on Unsplash

The development of a blockchain-powered electronic voting (E-voting) system has been announced by Japanese firm, Layer X. This initiative was formed as part of a plan to create a wider “Smart City”.

The new E-voting system would resolve double voting issues and ensure confidentiality, proper storage, and operational records management. Further, voters would be able to check the status of their votes. 

Layer X seeks to shift the system to e-voting instead of traditional voting methods and is strengthening efforts to solve digital transformation (DX) issues of varied administrative services. Also, Layer X will join the Tsukuba City, Ibaraki Prefecture smart council, to transform the region into a “Smart City”.

Source | Cointelegraph 

Crypto ATMs are Coming Online at a Rate of One Per Hour

Photo by Clifford Photography on Unsplash

Bitcoin (BTC) ATM first debuted in 2013 when Robocoin placed a machine in a coffee shop based in Vancouver. 

Fast forward 2020, there are presently 11,665 cryptocurrency ATMs allowing BTC and other altcoins transactions around the world – Reflecting a remarkable growth of 80% in crypto ATMs since 2019 at 6372.

As reported by CoinATMRadar, crypto ATMs are growing at a rate of 23 everyday or nearly one per hour. At present, the United States accounts for the majority of the crypto ATMs at 79.2% of the total number globally. 

The compelling growth of crypto ATMs proves the heightened interest in cryptocurrency from financial institutions and retail buyers, including Paypal – who recently announced its crypto payment system launching in 2021.

Source | Cointelegraph 

Covid-19 Driving More Nonprofit Organizations to Accept Crypto

Photo by Julian Wan on Unsplash

An increasing number of nonprofit organizations accepting cryptocurrency is seen in the last three years. Co-founder of crypto donation gateway, The Giving Block, Alex Wilson stated the Covid-19 pandemic had pushed the crypto trend faster than expected.

To contain the pandemic, announcements of business closures have resulted in economic turmoil around the world, and affected businesses have been looking for alternative sources for revenue. 

As stated by Wilson in an interview with Cointelegraph,

“Interestingly, the last six months or so, COVID has been a pretty major catalyst for nonprofits accepting crypto because a lot of them are looking for different ways to offset lost revenue, but also diversify their revenue into new things like crypto,”, 

Wilson further noted the lack of education in cryptocurrency,

“One of those ways was actually to donate crypto to charity, except that I noticed people wanted to donate to nonprofits, but most of them [the nonprofits] had no clue how to accept crypto.”.

To resolve the issue and help nonprofit organizations accept crypto, Wilson launched The Giving Block together with a friend. The crypto donation gateway offers a path to connect with younger donors, bringing in new streams of revenue for nonprofit organizations.

“One cool thing about the crypto donations has been that it’s mostly completely new donors for them, so it’s not cannibalizing any other of their other existing forms of donations. It’s a new revenue stream for them.” 

Source | Cointelegraph 

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