#bitcoin #cryptocurrency #stockmarket
Myles Udland, Julie Hyman, and Brian Sozzi break down Tuesday’s Morning Brief, which details the slow and steady growth of cryptocurrency and the idea of maximalism as companies make a push to integrate crypto.
A ‘maximalist’ vision of bitcoin means every company will be a crypto company.
Oh what a difference a summer makes.
Bitcoin’s (BTC-USD) slow but steady rebound from its spring lows saw the crypto unit top $50,000 on Monday, with the latest move greased by PayPal’s (PYPL) announcement that it would let U.K.-based customers trade in crypto, something U.S. clients had already been offered since October.
It seems like just yesterday (May, to be exact) when Tesla (TSLA) CEO Elon Musk’s off-the-cuff remarks ricocheted across the crypto market, lighting the fuse on a sell-off that eventually dragged bitcoin to its 2021 nadir below $30,000.
At the time, Paul Donovan, UBS Global Wealth Management’s chief economist, declared that the episode served as a “reminder that if one person can dramatically alter spending power, the ‘stable store of value’ criteria of a currency is not met.”
Indeed, skeptics have resorted to a slew of aphorisms and adjectives to describe bitcoin (billionaire investor Warren Buffett prefers “rat poison,” for example). “Stable” certainly isn’t among them, with the digital coin prone to dramatic, occasionally double-digit daily price swings that belie its aspirations of becoming a reliable store of value to rival the U.S. dollar.
The latest move punctuates a particularly busy period for the digital currency, and crystallizes something that even its biggest critics have to acknowledge. Cryptocurrency in general, and bitcoin in particular, has been gaining major currency (pun intended) across sectors.
PayPal’s decision is “a sign that every company will eventually be a crypto company — they just don’t know it yet,” Meltem Demirors, chief strategy officer at CoinShares, told Yahoo Finance Live in an interview on Monday. “And I think this trend is just getting started.”
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