Cryptocurrency adoption is exploding along with the price of Bitcoin (BTC), which recently cracked a new all-time high near the $24,000 mark.
After weeks of struggling to break through the significant psychological $20k resistance level and attracting very little media attention, Bitcoin is finally making headlines in the news again. Along with the fresh wave of attention, several key governmental and business-related developments highlight the growing adoption of cryptocurrencies by the general public.
However, probably the most telling sign of widespread adoption is a partnership between famous American rapper Megan Thee Stallion (of ‘WAP’ fame) and digital wallet provider CashApp. On December 17, Megan announced via her Twitter profile (@theestallion) that she will be giving away $1 million worth of Bitcoin to any followers who reply with their CashApp ID and the hashtag #BITCOINMEG.
Thee Hot Girl coach is OFFICIALLY on team @Cashapp ! To celebrate I’m giving $1 MILLION in Bitcoin to as many hotties as I can! Will be giving out this million units until its gone, so drop your $cashapp below w #BITCOINMEG to get a piece pic.twitter.com/Do1Mb5VWKY
— HOT GIRL MEG (@theestallion) December 17, 2020
However, some users may have been disappointed to find the Bitcoin was dispersed in increments of only 50,000 sats each (about $11.37). The amount may be small but it will undoubtedly introduce thousands of new users to cryptocurrency – a huge boost for adoption particularly at a time when prices continue to rise.
UK Regulator Extends Crypto Licensing
In less exciting but equally important news, the UK’s Financial Conduct Authority (FCA) has extended the date for UK-based crypto firms to receive licensing for their services. The original date was set for January 10, 2021, but has now been extended to July 9, 2021, giving firms an extra six months to trade while registrations are processed.
With coronavirus restrictions dragging out and the December 31 Brexit deadline looming, these extra six months will be a welcome relief for both the FCA and crypto firms that have likely been struggling with more pressing matters. This only applies to firms that submitted their registration before December 16, 2020. Firms that did not will have to cease trading from January 10, 2021.
In other news that further highlights the unstoppable rise of crypto, the massive US-based wallet provider Coinbase has submitted a draft registration for an initial public offering (IPO). The offering will allow Coinbase to list shares on major US stock exchanges like the NYSE and Nasdaq.
According to Mira Christanto of Messari Crypto, the company could potentially be valued at around $28 billion based on its daily volume, trading fees, custody fees, and debit cards. If the valuation is accurate, it would make it the largest IPO of all time. I’m sure I don’t need to explain the significance of a cryptocurrency firm achieving the highest valued IPO in the world.