The Crypto Stragglers Are Even Getting on Board Now
In today’s Money Morning…digital payment processor jumps on the crypto bandwagon…the financial endgame…the world of money is changing…and more…
As the war and uncertainty continue to rage, crypto is quietly making strides.
Yesterday we saw rumblings from the White House that Biden wants ‘responsible development’ of these assets — a push that may mean we see the US begin to embrace crypto on the regulatory level in the near future.
However, as our resident crypto expert, Ryan Dinse, told all our editors yesterday: the story was pretty much a nothingburger. It’s just another political ‘leak’ that was likely about optics than any sort of substance.
Nevertheless, though, it does continue to show the increasing importance of crypto discussion in politics. And not just in the US…
South Korea, for example, has just elected a pro-crypto president. Yoon Suk-yeol marginally managed to beat out his opponent by less than 1% of the vote, apparently. What is fascinating, though, is the fact that the runner-up, Lee Jae-myung, was also a crypto advocate.
In fact, the entire Korean election campaign was filled with crypto discourse and stunts — a sign that showcases to us just how much this market will become a political mainstay.
Expect the political chatter and debate over Bitcoin [BTC] and crypto to only increase from here on out.
Because whether we like it or not, it is becoming an unavoidable topic.
Fortunately, for crypto investors, there are still meaningful developments to be found…
Digital payment processor jumps on the crypto bandwagon
The bigger news for the crypto community this week came earlier today.
John Collinson, co-founder of digital payments company Stripe, declared that they’re now able to service crypto businesses. This will allow enterprise customers to offer the ability for their users to buy, sell, or transact with a range of cryptocurrencies.
As Collinson’s tweet clarifies:
‘Stripe now supports crypto businesses: exchanges, on-ramps, wallets, and NFT marketplaces. Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more.’
The bigger detail in all of this, though, is the fact that Stripe has also partnered with FTX. Because with a valuation of US$32 billion, FTX’s crypto exchange is quickly becoming a juggernaut itself.
For Stripe, though, this is a bit of a case of catch-up.
We know that PayPal, Block, and Mastercard are all already deep into the crypto world. These payment companies clearly realise that the future of money is all about digital innovation.
This is hardly a surprising development in our view, of course.
We have long been talking about the role of crypto in the future of money. It’s not just about speculation or the store of value of bitcoin anymore, it’s also about the exciting new role of DeFi and more.
What Stripe can add to all this, though, is user adoption.
As a trusted payment platform, just like the others we’ve named, it makes crypto more accessible — introducing the benefits and possibilities for businesses willing to experiment in this sector.
And for investors, that opens a whole lot of opportunity for bigger and better returns.
The financial endgame
The conclusion from all this is the same as it always has been: crypto isn’t going anywhere.
In fact, while market watchers are worrying about the war in Ukraine, inflation, and the Fed, crypto markets have been chugging along pretty steadily.
Sure, it’s still as volatile as ever, but that’s nothing new.
When it comes to the media attention, though, things are fairly quiet.
Bitcoin isn’t breaking any records, so hack journos don’t have a reason to pay it any mind. And while many will see this as a reason to stay away from the crypto market, in reality, it’s probably the best time to get involved.
These ‘crypto winters’, so to speak, have historically presented the best buying opportunities. They are a chance for regular investors to either take their first plunge or top up an existing holding.
But I won’t jump the gun too much…
See, as Ryan Dinse will tell you over the coming days, he has a new ‘masterclass’ in the works. It’s a set of informative and instructional videos that will break down what is happening right now in crypto and why you need to be a part of it.
Without spoiling anything, I’ll simply say that it’s worth the watch whether you believe in crypto or not.
Because whatever the fallout of this year will be, the world of money is changing.
Stripe couldn’t afford to be left behind, and neither can you…
Editor, Money Morning
Ryan is also the Editor of Australian Small-Cap Investigator, a stock tipping newsletter that hunts down promising small-cap stocks. For information on how to subscribe and see what Ryan’s telling subscribers right now, click here.