Bitcoin is closing on the $20,000 psychological level, having turned bullish in recent months. The bullish momentum has gathered pace amid a surge in interest, especially from institutional investors. Increased mainstream adoption, especially in financing transactions, has helped propel the flagship cryptocurrency popularity to new heights.
Growing Bitcoin Search Hits
Bitcoin interest has been growing by the day, with BlackRock CEO Laurence Fink, telling Bank of England Governor Mark Carney that search hits on the crypto are rising. Over 600,000 search hits for Bitcoin have already been recorded on the BlackRock, alluding to the strong interest.
Bitcoin remains the most popular subject in most search engines as most people look to know more about it amid talk that it is poised to appreciate even further. On the BlackRock Website, it is the most popular subject, with the Chinese pandemic coming a distant second with 3,000 hits, followed by the monetary policy with 3,000 hits as well.
According to Fink, the increased number of Bitcoin search hits is a good sign for the flagship cryptocurrency that is on course to disrupt the mainstream financial sector. While many people are fascinated by Bitcoin, most people are excited as its price continues to edge higher.
Bitcoin’s growing popularity poses a significant risk to the U.S dollar as the global reserve currency. As it stands, the growing demand for digital currencies continues to make the U.S dollar less relevant for international holders of dollar-based assets.
Growing Bitcoin Payments
Bitcoin popularity looks set to continue growing as more platforms come up with ways that make it possible for people to use the crypto to pay for goods and services. U.K Bitcoin exchange CoinCorner is the latest to make it possible for people to buy gift cards and mobile refills using Bitcoin holdings.
CoinCorner has inked a strategic partnership with Bitrefill to allow 200,000 plus customers to use Bitcoin for payments. Likewise, the exchange becomes the first in the U.K to offer such services amid the ongoing holiday shopping season.
CoinCorner customers will now be able to buy gift cards from their favorite retailers, including big brands such as Costa Coffee, John Lewis, and Amazon.co.uk, and pay with Bitcoin or other cryptocurrencies.
Separately, Switzerland-based Valor becomes the first investment firm to launch a bitcoin exchange-traded product ETP that does not charge any management fees. The Bitcoin Zero ETP is listed on the Stockholm-based Nordic Growth Market and seeks to offer investors exposure to Bitcoin, the same way exchange-traded funds do.
The ETP structure is similar to that of other securities that derive value from investment vehicles such as currencies and commodities. In this case, the Bitcoin Zero ETP will derive its value from Bitcoin to which it is derived.
The investment product will not charge any management fees. However, investors will have to contend with normal brokerage fees. The launch of the Bitcoin ETP marks a significant step towards mainstream adoption of Bitcoin and other digital assets, which has been gaining momentum in recent months.