It’s been a wild ride the past couple weeks. Bitcoin is continuing to flirt with the 10k line. Historically, bitcoin has had a difficult time breaking through this price point. In times like these, it’s even more likely to struggle
Bitcoin is still effected by stock market trends
Thursday this week, the stock market dropped by 7% and the price of Bitcoin fell 9% as well. This brings back recent memories of mid-March this year. The stock markets had crashed. The S&P 500 plummeted 14% between March 10 and 12. Bitcoin lost 38% March 12 alone.
It seems that at least in the USA, Bitcoin is more of a high-risk asset than a store of value. Bitcoin is still heavily impacted by the traditional investments. This time is about as volatile as it gets due to Covid-19, police brutality, and the Black Lives Matter protests.
You may soon be able to buy a Coke with Bitcoin (In Australia and New Zealand)
Centrapay announced the partnership on Monday: https://twitter.com/centrapay/status/1270149810121629697
The transactions are handled by the digital assets platform Centrapay and Sylo smart wallet. They’re distributing 2000+ smart vending machines in New Zealand and Australia right now, but they have plans to bring them to the USA soon.
Now we’ve shown how it can work in Australia and New Zealand, we’re looking to grow the business globally. We’ve established a presence in North America and will be targeting the US market next with some world-first innovations
The key to Bitcoin and cryptocurrency adoption is awareness and utility. Early adopters will be rewarded when cryptocurrency becomes mainstream. Conveniences such as cryptocurrency ATMs and merchants that accept payments in cryptocurrency will bring about this reality.