Trader Top 9: PayPal and Visa Embrace Bitcoin

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Welcome back to another jam-packed Trader Top 9!  Over the past few weeks, we've seen bitcoin gain serious momentum as large corporations and financial institutions continue to announce their interest in the emerging asset class.  This week, the momentum continues as household names such as PayPal and Visa continue to expand their crypto footprint.

9. First, let's have a moment of silence for those who honestly thought bitcoin would go to zero.  With 60,000 fast approaching (again), digging up old FUD tweets can be quite entertaining.  Fortunately, Pierre did the work in digging up this old beauty!

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8. It's amazing to see what aspects of the crypto market get picked up by mainstream media when the bull market is raging.  Saturday Night Live is now getting in on the fun with a hilarious skit explaining what NFTs are.

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7. While NFTs are fun, everyone wants to know when a bitcoin ETF will finally arrive in the U.S.  It was big news when Goldman and Fidelity filed for bitcoin ETFs.  And now, SEC Commissioner Peirce, acknowledges that a bitcoin ETF is overdue.

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6. Some may wonder whether the timing is right for a bitcoin ETF.  But, with the overall crypto market capitalization now reaching an all-time high of $1.9T, there can be no denying that consumers are very interested in this rapidly growing asset class.  And a bitcoin ETF may be a great way to reach a new audience.

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5. The growing popularity of DeFi projects has been a major theme of this market.  Over the last year, total value locked (TVL) has grown from roughly $350M to more than $43B.  In light of this obvious demand, Cove Markets will soon be making both Aave (AAVE) and Uniswap (UNI) available for trading.  Stay tuned for further announcements!

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4. One of the biggest developments of the week came when Visa announced they would incorporate USDC into their network.  This would seem to be another step in the right direction for attaining mainstream adoption.

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3. Perhaps even bigger than the Visa news, however, was that PayPal would allow consumers to use their crypto assets as payment at millions of online merchants.  WOW!

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2. Some, like Stephen Cole, speculate that this is simply the beginning.  Eventually, merchants may decide that bitcoin is the preferred currency and tempt consumers with discounts.  Will you part ways with your crypto or will you HODL?

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1. As payment vendors and merchants finally realize the power of bitcoin and what it can become, it's important to remember that two men knew all along that this was inevitable.  Thank you Mr. Finney and Mr. Nakamoto!

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🔥 Cove Markets now has a Telegram group and a Reddit community page.  Please stop by and let us know what you thought about this week's Trader Top 9! 🔥

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