Bitcoin continues to rise, surpassing $100,000 due to positive news and growing institutional interest.
Bitcoin's Growth Rate
The recent rise of Bitcoin to $100,000 is attributed to several factors, such as easing trade tensions and increasing interest from major companies. Tech giants, including Meta, are starting to actively invest in cryptocurrencies. David Sacks, Trump's cryptocurrency advisor, also mentioned an upcoming 'Trump boom' in the crypto industry amid growing concerns about the US dollar.
Meta and Stablecoins
Meta is in talks with cryptocurrency firms to introduce stablecoins for cheaper and faster creator payouts on its platforms like Instagram. Mark Zuckerberg reportedly plans to integrate cryptocurrency into Meta's offerings for its 3 billion users. This comes as the company recovers from its failed attempt to launch the Libra-Diem digital currency in 2019.
Competition in the Stablecoin Market
The success of USDT, which earned Tether $13 billion in profits last year, has sparked increased competition. Companies like PayPal and Bank of America are also developing their own stablecoins, while Visa enhances its crypto capabilities through partnerships with stablecoin infrastructure providers. A recent report predicts that the stablecoin market could surge from $230 billion to $2 trillion by 2028.
The cryptocurrency market continues to evolve, and the interest of major players like Meta may significantly impact the future of stablecoins and the broader cryptocurrency ecosystem.
