Bitcoin Network (Image: MaxPixel)

Bitcoin could surge if ‘avalanche’ of companies invest and accept it as payment

BITCOIN could soon surge with one expert claiming there will soon be an “avalanche of thousands of companies” ready to invest in the cryptocurrency.

On Monday a report from RBC Capital Markets stated that Apple is well “positioned” to accept bitcoin as payment on Apple Pay. Originally reluctant to adopt the new digital monetary technology, the company banned cryptocurrency wallets from its App Store in 2014. However, they later reversed the decision and now allows them.

On Wednesday Mastercard Inc announced a plan to offer support for cryptocurrencies on its network in 2021.

This means Mastercard will sit alongside BlackRock Inc, Square and PayPal, who all have recently decided to support cryptocurrencies such as bitcoin.

Mastercard said: “Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment.

Bitcoin Network (Image: MaxPixel)
Bitcoin Network (Image: MaxPixel)

“This change may open up merchants to new customers who are already flocking to digital assets”.

Speaking to Express bitcoin pioneer Max Keiser said: “As money printing by central banks goes parabolic all companies with cash on hand will start moving it into Bitcoin.

“In which order depends on how the board of directors are set up.

“Michael Saylor and Elon Musk control their boards and acted quickly.

“Apple’s board is more bureaucratic, so may take longer to approve.

“I’m hearing Larry Ellison at Oracle will announce a bitcoin position soon.

“Bitcoin payment rails will dominate.

“It might be Apple Pay on top, but it’ll be Bitcoin running underneath.”

Today bitcoin payment service BitPay announced its prepaid Mastercard is now compatible with Apple Pay for purchases in stores, in apps, and online.

Speaking to Ben Gagnon, Director of Mining Operations at Bitfarms, said: “Fortune 500 companies like Apple and Tesla accepting Bitcoin for payment is a major accomplishment.

“Not because Apple or Tesla are likely to sell any more products as a result but because they will lead the way for many more businesses around the world to also accept Bitcoin as payment.”

Entrepreneur Michael Saylor speaking to Yahoo Finance predicted there would be a move from traditional treasury assets like cash and bonds into bitcoin, which he has labelled, “digital gold”.

Read more: Express