It was not just Tesla that had unleashed a new buying frenzy for Bitcoin adoption. The institutions’ foray amidst the latest bull season has helped dispel many myths about the cryptocurrency industry. Many companies that were previously skeptical have finally warmed up to the idea of Bitcoin.
In the latest news, a Massachusetts-based solar installer, called Invaleon has announced that it is all set to accept Bitcoin as a form of payment.
Talking about the company’s move for Bitcoin adoption, its Founder and CEO Tom Wu was quoted saying
“We are ready to begin accepting bitcoin. Invaleon is adapting to industry trends by making sure our customers have access to a variety of payment methods. Accepting cryptocurrency just makes ‘cents’ and being an early adopter of this is exciting”
Bitcoin Adoption Curve
Chainalysis had also previously revealed that there’s been a major change in the relationship between liquid which is essentially Bitcoins held by traders and illiquid or investor-held Bitcoin. In short, the amount held in illiquid or investor-held wallets is rising steadily.
This is true because the ecosystem has witnessed institutional dollars began flowing into Bitcoin from companies such as MicroStrategy, Square, and more recently Tesla.
Despite these big corporate giants have amplified merchant adoption, Bitcoin is now being accepted by small and medium business owners, even as the adoption curve remains slow.
One of the biggest contributors was not speculations. But the fact that people have now started to realize that the real value is in Bitcoin’s usage. Hence, with the pandemic weighing, and the confidence in legacy institutions ebbing to the lowest levels, and growing mistrust of the governments, financial systems have all pushed the industry to the goodbooks from the previous narrative of the realm of” rogue tech-bro cowboys”.
We are at a cusp of a breakthrough, something that will be further catalyzed by Bitcoin adoption.