Bitcoin Booms Again; Demands Crypto from Consumers’ Banks

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Bitcoin or BTC is a renowned name in the crypto industry. The currency has been around for a long time, making the industry what it is today. According to some BTC news, in 2021, even amidst numerous cryptos around BTC is the most trusted name.

Lately, BTC’s price has been fluctuating tremendously, but it finally rose again as per recent BTC price prediction. Bitcoin recently experienced a 10.5% growth from its low. Many experts were not surprised by how things turned out as BTC looks to be as stable as ever. Even regardless of the surge, consumers and investors have been demanding Bitcoin globally.

BTC Adoption from Retailers and Investors

• General Public: Almost 15% of United States consumers currently own BTC or other cryptocurrencies. The numbers are expected to rise 17% of users express their willingness to buy crypto in the future.
• Crypto Owners: On the other hand, over 60% of crypto investors would like to use their banks to invest in crypto. A startling fact is that merely 4% of investors did not want to follow the trend. Another 68% of crypto investors showed their interest in BTC-based credit and debit card rewards. The numbers show Bitcoin’s market reach even amidst the constant fluctuations in the market.

Banks Aligning to Surging Crypto Demand

While many banks have failed to listen to their customers’ requests, some have accommodated crypto within their proceedings. However, it’s a mere 2% of the institutions, like:

• VAST Bank: The bank became the first nationally chartered bank to buy and offer digital assets’ custody services directly from the bank accounts.
• First Boulevard: The bank facilitates Visa’s package of crypto-based APIs to allow the users to buy, store, and exchange digital assets.
• Quontic Bank: The bank also released a rewards system based on BTC. If an account holder purchases in BTC with the debit card, they receive 1.5% interest on the purchase.

Bank of England Exploring the Idea of a Custom Digital Currency

A piece of surprising news came from England when Rishi Sunak (the Chancellor) announced a task force to understand the pros and cons of the Bank of England’s digital currency.

The task force is led by Jon Cunliffe (Deputy Governor of the bank) and Katharine Braddick (Director General of Financial Services of Treasury). Sunak intends the city to experience innovation, and two forums have been created for tech experts and other stakeholders to partake in the engagement.

What will be the Future of Cryptocurrency?

Now that well-reputed financial institutions have started to get on to the crypto’s trail of success, it will be irrational to say that crypto will face a decline. This does not mean that it will only go forward, but its overall demand will continue to surge. The recent announcement by the Bank of England and the crypto industry’s constant hike will make sure of that.

Although Bitcoin has been on a rollercoaster ride for a while now, its recent hike is an attestation to its market prevalence. The blog has specified how BTC’s demand is constantly rising and how some banks are integrating it in their proceedings. Read through the blog and know how the Bank of England is helping the crypto market expand.