From crypto’s potential impact on some of the world’s largest payment companies to Square’s big push to bring Bitcoin to the mainstream, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin, Ethereum, Ripple and XRP
In a new note to clients, MoffettNathanson analyst Lisa Ellis says Bitcoin, Ethereum, Ripple and XRP could have a major impact on incumbents like Visa, Mastercard and PayPal.
“As progress is steadily being made to address shortcomings and compelling use cases emerge – like crypto as an alternative to fiat currency in high-inflation economies – the threat should not be ignored.
Cryptocurrency systems (e.g., Bitcoin, Ethereum, Ripple) are potentially disruptive to private payment systems. Their core design characteristics – which are aimed at enabling ‘freedom of money’ – are in direct contrast to the characteristics of most traditional, private payment systems.”
As reported by Bloomberg, the note also specifically points out the impact that Ripple’s use of XRP could have on the cross-border payments industry.
“Another more imminent concern is the risk of ceding the cross-border person-to-person and business-to-business payments markets to players such as Ripple and Veem that are leveraging crypto, which is particularly well-suited for these kinds of payments.”
Square just revealed its quarterly earnings, showing the company sold $166 million worth of Bitcoin in 2018.
The amount of BTC sold by the company increased each quarter, reaching a high of $52 million sold in the fourth quarter of last year.
Consolidated Statements of Operations
Leading crypto exchange Binance hosted an ask-me-anything with Tron CEO Justin Sun on Telegram.