The inflation in Turkey is currently at about 16.2% and this is corroding the lira’s value. The Turkish citizens are now frustrated with the economic turmoil in the country and are now seeking safe haven in cryptocurrencies. Small businesses have now started to accept payment in Bitcoin, and this has pushed its price high to make a new record high of over $63,000.
Ripple, the fourth cryptocurrency by market cap, reached its highest level since 2018 and landed in a step from regaining its top 3 slot position following the major bullish recovery. However, the surge seems to be short-term.
Payment giants including PayPal, Visa and MasterCard are more than determined at driving mainstream adoption of blockchain technology and digital currencies to the next level. It's as if these companies are competing to see who will offer the best alternative as far as making payments and transactions using cryptocurrencies is concerned.
The major Venezuelan satellite television provider Simple TV has come out to announce that it will accept its subscription payment using a wide spectrum of cryptocurrencies starting with Bitcoin, Ethereum, Litecoin, Dash and Binance Coin. The news has triggered the prices of these coins to increase dramatically.
The trading volume of USD Coin (USDC) has increased dramatically following the announcement by Visa of accepting the cryptocurrency for payments. Visa Inc. will become the first payments giant to allow its over 60 million merchants to settle transactions in USDC, a 12th cryptoasset by market cap and a stablecoin that is backed by US dollar (USD) created on the Ethereum blockchain.
As digital payment tools become increasingly widespread, traditional finance is also seeking to create a worthy alternative to the existing means. That is why numerous countries are exploring the potential of Central Bank Digital Currency (CBDC).
Bitcoin is continuing to find its way into many sectors including tourism, online shopping, hotels and restaurants, supply chain, online casinos, and charity. There is also a growing dire need for Bitcoin in banks.
English premier league football giant Manchester city joins a list of other soccer clubs such as Barcelona FC and PSG who are already using their own digital tokens. The club recently announced the launch of its own $CITY Fan Token. In this way, fan tokens seem to invade football.