The Bitcoin price is rising relentlessly. In the past twelve months alone, it has risen by more than 807% in US dollar terms (31.03.2021).

While the cryptocurrency was initially used mainly for criminal transactions, it is currently slowly finding its way into the general population. There are even sites, where you find coupons for different purposes: https://cryptocoupons.org/.

Especially in the last twelve months, a lot has happened in terms of recognition, from which the price benefits. Here are two recent examples.

Paypal accepts bitcoin

When major payment service providers include Bitcoin in their offerings, it is akin to an accolade. Paypal is just one example from the recent past. The world-renowned company, whose services are used millions of times every day, has added three cryptocurrencies – Bitcoin, Ethereum and Litecoin – to its offering.

It can initially only be used by American customers. But in the foreseeable future, it is expected to be expanded across the globe. If we just keep in mind that Paypal is used by more than 346 million people worldwide, Bitcoin should now also find its way into the general population.

When a transaction is made, Bitcoin is first exchanged for the desired currency before the payment process can be completed. Paypal expects even more transactions this way, from which the company can earn. In addition, the choice of payment methods is expanded in this way. However, the Paypal share is currently already overvalued and could therefore correct soon.

Goldman Sachs plans bitcoin offer

Goldman Sachs – https://www.goldmansachs.com – is apparently on the verge of including Bitcoin products in its client offering. This is to provide clients with a wide range of different investment options.

These include purchases of physical Bitcoin, derivatives on the cryptocurrency or corresponding funds. According to the bank, demand from clients is high, so it decided to take this step. Goldman Sachs will not limit its offer to bitcoin, but will expand it to many digital currencies. It is expected to do so in the second quarter of 2021.

Morgan Stanley will start its Bitcoin offerings as early as April 2021. The bank is a third example of how Bitcoin is slowly making its way into the mainstream.

What was once rejection is increasingly becoming recognition. However, it is not emerging via the banks, but via massive customer interest. They want to use the cryptocurrency partly as a hedge against rising inflation, as an alternative means of payment, or simply to profit from the price increase. Banks can no longer escape this pressure.

Conclusion

Bitcoin came into being after the financial crisis in 2008. It was intended to create an alternative payment system that would no longer require systemically important banks. Whether this project will one day become reality, however, remains to be seen.

Despite all the positive developments, Bitcoin is still relatively at the beginning of its development and can therefore still encounter a lot of resistance.