Bitcoin has no intrinsic value! - Not according to these companies

Table of Contents

• Microsoft 
• Tesla 
• Starbucks 
• Visa  
• PayPal 

The likes of Nouriel Rubini and Peter Schiff continue to stick to their beliefs that Bitcoin and Cryptocurrencies have no actual value. However, a growing list of major companies appear to be paying these soothsayers no heed, and actually sell their products for bitcoin. 

A few very large companies have announced over the last few weeks and months that they will add bitcoin to their balance sheets. However, probably due to Bitcoin’s high volatility, not many actually accept payments in the number one cryptocurrency. 

Nevertheless, there are those that do accept Bitcoin payments and some of these are among the biggest companies in the world. 

Microsoft 

A giant in software, Microsoft’s acceptance of bitcoin should certainly go a long way towards adoption of global Bitcoin payments by other institutions. bitcoin can be used for topping up credit for Xbox Live and Skype. 

After dropping bitcoin payments early in 2018 due to increased Bitcoin volatility, it then restored them within the week. Other periods of dropping bitcoin payments have occurred since it first starting accepting this form of payment back in 2014. 

Tesla 

A lot of people would have been aware that Tesla added $1.5 billion bitcoin to its balance sheet given the huge media coverage that appeared to send the Bitcoin price spiking upwards. A further announcement that Elon Musk’s company would accept bitcoin in payment for their cars also added to the hype. 

Starbucks 

A recent announcement by the Bakkt app means that Starbucks customers can now use it to pay for drinks and all other goods at any of the Starbucks cafes. 500,000 customers were reported to have signed up for the early access program. The CEO of Bakkt, Gavin Michael said: 

“We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all.” 

Visa  

Visa announced at the end of last month that it would be piloting a scheme with Crypto.com to settle transactions in USDC, a stable coin pegged to the US dollar. 

PayPal 

Paypal customers can buy or sell certain cryptocurrencies, and checkout with them, together with the usual forms of payment on the PayPal wallet. This will expand the use of cryptocurrencies to millions of online business and retail customers. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.