Overseas technology giants "provide assistance": Bitcoin will become an important part of the company's future
Original title: "Overseas Internet Giants Assist Bitcoin Recovery", author ChinaDeFi
On July 26, the encrypted asset market ushered in a sharp rise after 2 months. BTC hit a peak of $39,799 from an opening price of $35,380, with a maximum intraday increase of 12.49%. Mainstream assets such as ETH, LTC, and UNI rose simultaneously, and the market swept away the haze of the past.
In the two months after the "5.19" crash, the crypto asset market has been showing a volatile downward trend. Until July 21, during the "The B Word" Bitcoin Summit, participants included Tesla founder Elon Musk The bigwigs of traditional technology companies, including BTC, have expressed their optimism on Bitcoin, and the clarion call for a market rebound seems to have been blown at once.
From July 21 to 26, BTC rose from $29,800 to a maximum of $39,799, an increase of 33.55%. During the same period, ETH rose by 33.8%, and LTC rose by 30.3%.
Jack Dorsey, CEO of the social giant Twitter, also publicly announced on July 23 that BTC will become an "important part" of the company's future. He plans to integrate BTC into Twitter's special attention, subscriptions, paid tweets and other scenarios. Square, the mobile payments company founded by Dorsey, dabbled in bitcoin payment solutions as early as 2014.
On the 26th, the highest single-day increase in recent days, according to London business newspaper CityAM, Amazon insiders revealed that the e-commerce giant plans to accept bitcoin payments by the end of 2021. The news is regarded by analysts as a greater benefit than "Tesla accepts BTC payments". "If it comes true, it will greatly increase the market demand for BTC."
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The encrypted asset market rebounded comprehensively, BTC rose by more than 10% in a single day
After the "5.19" plunge, the encrypted asset market has experienced a long period of weak shocks. Until recently, the entire market has begun to rejuvenate, and there was an exciting rebound in the market.
On July 26, BTC opened at $35,380 and rose to a maximum of $39,799, with a maximum increase of 12.49%, the largest intraday increase since May. As of 3 p.m. that day, ETH rose from $2,189 to $2,390, with a maximum increase of 9.18%. In addition, mainstream assets such as LTC, UNI, and DOT have been listed one after another, with an increase of about 10%.
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BTC has risen by more than 30% in the past 6 days
Such an increase would not be surprising if the bull market was in an upward cycle. However, as the prices of mainstream assets such as BTC were cut in half in late May, the vitality of the encrypted asset market was severely damaged, and it showed a downward trend of shocks for two consecutive months. Now, as the currency price begins to rebound strongly, there are more discussions about the bull market turning back.
After every big rise or fall, people always hope to find the reason behind it. Looking back, this round of big rally overlapped in time with the "The B Word" Bitcoin Summit held on July 21, and the voices of bigwigs conveyed at the summit became the catalyst for bullish sentiment in the market.
As the official introduction, this summit focused on Bitcoin, aiming to dispel the stigmatization of Bitcoin narratives from mainstream media and business leaders, explain to them the reasons for adopting cryptocurrency and how institutions accept it, and work together to solve the problems in the network. question.
The summit attracted the attention of the outside world because of the weight of the guests. Elon Musk, founder of Tesla, Jack Dorsey, CEO of Twitter, and Cathie Wood, founder of Ark Investment, all participated in the summit. Cryptocurrency support. Among them, Musk revealed that if the proportion of BTC mining using renewable energy exceeds 50%, Tesla may consider resuming accepting BTC as a payment method. This news first detonated the market, and the price of BTC also rose by 7% on the same day.
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Technology giants Twitter and Amazon "provide assists"
During the rise of the encrypted asset market and the 26th, the news that "Amazon plans to accept BTC payments" was widely circulated. According to London business newspaper CityAM, an anonymous source inside Amazon said that Amazon plans to accept bitcoin payments by the end of 2021. The source also revealed that the order came from the top and the entire project was almost ready.
It is speculated that the so-called "highest level" of the above-mentioned source is Amazon founder Jeff Bezos (Jeff Bezos). The possibilities are greatly increased.
After the news was exposed, the encrypted asset market rose rapidly, and BTC, which was at the center of the topic, rose most rapidly. In fact, on July 23, there was news that Amazon was recruiting a digital currency and blockchain-related product leader. The incumbent will work in Amazon's payment experience team and be responsible for developing Amazon's digital currency and blockchain. Blockchain strategy, and planning product roadmap. Hiring requirements include in-depth knowledge of the digital currency or cryptocurrency ecosystem and related technologies.
Additionally, Amazon hired a technology lead in February to help develop its new "Digital and Emerging Payments" platform. Judging from these two recruitment information, Amazon’s acceptance of BTC payment is not groundless.
In fact, rumors of Amazon accepting BTC payments have been circulating for a long time. As early as 2014, the American online retailer Overstock announced that it would accept BTC payments. Patrick Byrne, then CEO of the company, said that Amazon would eventually accept BTC payments. During the 2017 bull market, rumors of Amazon considering BTC as a payment method were once popular.
Analysts believe that if Amazon really accepts BTC shopping, the positive effect may be stronger than Tesla. After all, online shopping is a more frequent payment scenario than car buying.
According to a survey of 1,000 American consumers conducted by Dealaid.org in February this year, 60.2% of consumers want more companies to accept BTC payments, among which Amazon, Apple and Wal-Mart are the companies consumers most want to accept BTC payments.
Users have needs, there are precedents in the market, and there are internal revelations. The rumors of Amazon accepting bitcoin payments this time are particularly true. The authoritative voice of support for Bitcoin comes from Twitter.
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Twitter CEO Jack Dorsey is a staunch supporter of BTC
Although Jack Dorsey has long been a loyal supporter of BTC, this is the first time he has spoken publicly about how Twitter has integrated BTC into its product matrix. Dorsey also emphasized that Bitcoin, together with artificial intelligence and decentralization, will become the three main trends of Twitter in the future. He believes that Twitter, as a global social networking site, needs a "local currency" of the Internet, BTC is the best choice.
Compared with Amazon’s acceptance of BTC payment, which has yet to be officially announced, Twitter has actually put BTC into its development plan. This news obviously also played a positive role in the rebound of the encrypted asset market.
At the same time, it is worth noting that Dorsey has another identity. He is also the founder of the American mobile payment company Square. The company invested 50 million US dollars in the purchase of BTC as early as October 2020. , which subsequently amassed an additional $170 million worth of bitcoin.
Not long ago, on July 16, Dorsey revealed that Square is building a developer platform with the aim of allowing developers to launch non-regulated, approval-free, and decentralized BTC financial services. Last month, Dorsey also announced that Square is developing a cryptocurrency hardware wallet.
If the relationship between Twitter and payment is not so close, Square's investment and business layout around BTC is part of the payment field. If Amazon then announces to accept BTC payments, then this "peer-to-peer electronic payment system" originally designed by Satoshi Nakamoto will be used in the payment field in a truly large-scale sense.
Earlier, El Salvador established BTC as a legal tender, and later Internet giants such as Twitter and Amazon offered an olive branch to BTC. These news soaked the sentiment of investors, and more importantly, the entry of sovereign countries and business giants has provided the possibility for the large-scale popularization of the encrypted asset market.
