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FOX Business’s Stuart Varney believes Tesla is buying $ 1.5 billion worth of bitcoin and accepting it as payment for cars.
Mastercard Inc. announced on Wednesday that it is preparing to support cryptocurrencies directly on its network this year, as the company tracks the rise of digital assets.
The company said more and more people are using cards to buy crypto assets such as Bitcoin and are using crypto cards to access those assets and convert them into traditional currencies for spending.
ONE COLLEGE STUDENT USES A SINGLE BITCOIN INVESTMENT TO PAY FOR COURSE
“The trend is undeniable,” said Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships, in a message.
This will provide more opportunities for buyers and traders to deal in a new way and open up new customers for traders, the company said.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| MY | BUILT-IN MASTERCARD | 334.21 | +0.77 | + 0.23% |
While the move isn’t a recommendation for people to start using cryptocurrencies, it will give them a choice, Mastercard said.
The company won’t support all cryptocurrencies on its network, adding that it will look for digital assets that offer important consumer protections, compliance protocols and other measures.
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“This is a big change that will take a lot of work. We will be very attentive to the assets we support based on our principles for digital currencies, which focus on consumer protection and compliance,” said Mr. Dhamodharan said.
Earlier Wednesday, Twitter Inc.’s chief financial officer, Ned Segal, said the social media company had been considering how it could pay employees or vendors using Bitcoin.
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Tesla Inc. said on Monday it had purchased $ 1.5 billion in bitcoin, a disclosure that follows CEO Elon Musk’s promotion of cryptocurrency and other digital currency alternatives on Twitter.
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