FOX Business’ Stuart Varney points out that Tesla buys $ 1.5 billion in bitcoin and accepts it as payment for cars.
Mastercard Inc. said Wednesday it is preparing to support cryptocurrencies directly on its network this year as the company follows the rise of digital assets.
The company said more people are using cards to buy crypto-assets like Bitcoin and using crypto-cards to access these assets and to convert into traditional currencies.
COLLEAGUE STUDENT USES SOME BITCOIN INVESTMENT TO PAY TEACHING
“The trend is unmistakable,” Raj Dhamodharan, executive vice president of digital assets and blockchain products and partnerships, said in a statement.
This will provide more opportunities for traders and dealers in a new way, as well as open up new customers for traders, the company said.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| MA | MASTERCARD INCORPORATED | 334.21 | +0.77 | + 0.23% |
Although the move is not a recommendation for people to use cryptocurrencies, it will give people a choice, Mastercard said.
The company does not support all cryptocurrencies in its network, adding that it will look at digital assets that offer significant consumer protection, compliance protocols and other measures.
GET FOX BUSINESS ON THE GO by clicking here
“This is a major change that will require a lot of work. We will be very considerate about what assets we support based on our principles for digital currencies, which focus on protecting consumers and complying with them,” he said. Dhamodharan said.
Earlier Wednesday, Twitter Inc. chief financial officer Ned Segal said the social media company was thinking about how it could pay employees or providers who use bitcoin.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Tesla Inc. said Monday they bought $ 1.5 billion in bitcoin, a revelation following CEO Elon Musk’s promotion of the cryptocurrency and other alternatives to digital currency on Twitter.