Mastercard and Twitter also show interest in bitcoin following Tesla’s $1.5 billion investment in the cryptocurrency.

Bitcoin is largely hanging onto gains from its run this week to a record above $47,000 after Tesla Inc.'s $1.5 billion investment in the cryptocurrency.

According to composite pricing data compiled by Bloomberg, the leading cryptocurrency was trading at about $44,825 as of early morning in Asia today. Bitcoin has jumped 15% this week, breaking through the prior top of almost $42,000. The wider Bloomberg Galaxy Crypto Index also touched a record during the week. In recent weeks, institutional interest in cryptocurrencies has accelerated yet again as Elon Musk, the world’s richest person, emerged as a central figure for the crypto faithful.

 

Twitter has thought about whether to hold bitcoin in its balance sheet. 

Twitter CEO Jack Dorsey is a vocal advocate of the leading cryptocurrency, and it comes as no surprise that Twitter has thought about whether to hold bitcoin in its balance sheet. However, the social media platform has not made any changes yet, Twitter’s chief financial officer Ned Segal revealed. In an interview with CNBC, Segal said Twitter had considered how it might pay vendors or employees using bitcoin, should they ask to transact using the cryptocurrency. “We might consider whether we would be transferring dollars to bitcoin at the time of the transaction or if we wanted bitcoin on our balance sheet ready to complete that transaction,” Segal said.

 

Mastercard also announces to allow cardholders to transact in certain digital currencies. 

Mastercard Inc. is the latest mainstream firm to embrace cryptocurrency this week, announcing plans to begin allowing cardholders to transact in certain cryptocurrencies. The company is also “actively engaging” with central banks worldwide on their plans to launch new digital currencies, Mastercard said in a blog post on Wednesday. “Mastercard’s plans to integrate crypto payments represents another indicator of the deep structural shifts taking place in our financial infrastructure,” said John Wu, president of Ava Labs. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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