Bitcoin’s blockbuster week continues with more stars jumping onto the red carpet of crypto | The Gold Forecast

Bitcoin’s blockbuster week continues with more stars jumping onto the red carpet of crypto

February 11, 2021 - 6:17pm

 by Joseph M. Wagner II

After Elon Musk’s bombshell earlier this week that boosted Bitcoin’s value by around 20% in two days, and it seems that this week just keeps on giving. After being convinced that we had seen a short-term top on Tuesday at the new all-time record high just under $49,000, news today by MasterCard propelled prices just above the $49K marker. It looks as though BTC will finish a second record close as well as record intraday highs twice this week.

The double dose of big players piling onto the Bitcoin bandwagon makes it likely that this week will close out the highest gains on a weekly basis Bitcoin has ever seen.

The resurgence in the price surge came from a post late Wednesday night by a vice president at MasterCard, Raj Dhamodharan reading, “Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants, and businesses to move digital value — traditional or crypto — however, they want.”

Although the details have not been fully announced and exact dates as to when MasterCard will implement and how they will implement it, nonetheless, it becomes one more feather in the hat of cryptocurrencies. The announcement mirrors that of PayPal last October, and the huge credit and payment company outlined that they would implement the ability to trade a small number of digital assets through their platform sometime this year.

Top of all this BNY Mellon of New York, the oldest standing bank in America (dating back so far Anthony Hamilton was a client), announced today that they would begin to provide custody services for digital assets much like the company does for traditional assets on a very large-scale. This means that bitcoin could be traversing the same networks used for U.S. treasury bonds very soon. Although I do not see the global financial network integration as a needed or beneficial thing for Bitcoin’s blockchain, it only aids to serve as another bridge between billions of investors and Bitcoin and certainly will give the world’s largest cryptocurrency a lot more validity and trust.

Although bitcoin was built on a no-trust format, the good to its reputation will only serve to aid in its adoption, which is sweeping the nation and is certainly sailing on a swift tailwind this week that it has grown into a high-tide rather than a wave.

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