Apple has embraced Bitcoin and will now allow BitPay users to add their cards to Apple Pay. The announcement comes after Tesla said that it will now accept Bitcoin as payments.
As the name suggests, the BitPay is a Cryptocurrency wallet app. It supports popular currencies like Bitcoin and Etherium and less known like the USD coins, Binance USD, etc.
That’s not all because BitPay confirmed that they would soon be adding support for Samsung and Google Pay as well.
High Time For Bitcoin
Bitcoin has been on a roll for quite a while. Organisations and analysts are urging their associates to invest in Bitcoins and buying whenever there is a dip.
According to Stephen Pair, BitPay Wallet app CEO, thousands of customers use BitPay cards to make payments. Adding support for it in the Apple Pay will only things a whole lot convenient for them.
Following Apple’s announcement, the Bitcoin surged in price, breaking another record. On 14 Feb 2021, Bitcoin crossed Rs. 36,00,000 (buy price), a first for the digital coin.
Bitcoin has been on the rise for quite a while now. A recent report alleges “Institutional Adoption” as one of the main reason or its price surge. They consider the BitCoin as a safety net against market volatility and inflation. In the new trend, people want to hold less cash and stay ahead of the market.
The BitCoin is on a surge since last year. Its price increased four times in 2020, including when PayPal announced that it’d allow users to sell and buy Crypto on its platform.
The report also marked the “halving event” as one of the main reasons for BitCoin price surge. For the uninitiated, BitCoin is only available in a limited amount. Mining new coins become harder as after every four years the number of Bitcoins awarded for a block of the transaction is reduced by half.
India Vs Bitcoin
While the world is embracing Bitcoin as a global currency, India is taking a protectionist stance and trying to ban it. The Indian Government recently introduced a new bill that aims to ban Bitcoin and any other privately owned cryptocurrencies.
However, according to a report by Livemint, currencies like Bitcoin and Etherium are public for all intends and purposes. According to Sumit Gupta, co-founder and CEO, CoinDCX, “there are public blockchains, and there are private blockchains, and many large Indian corporations are already using private blockchain infrastructure such as hyperledger.”
The report suggests that a blanket ban on Cryptocurrencies may not happen, but the government views every other cryptocurrency besides RBI coin as private.
Recent comments from BJP leader Anurag Thakur describe Cryptocurrencies as neither “currency” nor “commodity,” and alleges a new bill, currently in works, will solve multiple issues related to them.
Meanwhile, Crypto experts, including Sathvik Vishwanath, CEO and co-founder of Unocoin, suggest that such a ban will be a disaster at both the legislative and enforcement levels.