Visa is now testing transaction settlements using cryptocurrency

The blockchain industry had a massive year, despite the health crisis that impacted the world’s economy. Bitcoin and all of the other digital coins plummeted alongside the stock market in the first week of March 2020 as panic set in. COVID-19 had been declared a pandemic, and most of the world was preparing for a weeks-long lockdown. But bitcoin then hit record highs, with many other cryptocurrencies reaching new all-time highs as well. Unlike the previous bull run driven by retail investors, the current bitcoin frenzy is also powered by institutions and companies investing copious amounts of money in digital currencies. Tesla became one of those bitcoin buyers a few weeks ago and announced just a few days ago that it would let customers buy cars with bitcoin.

The coronavirus pandemic forced governments to print new money via various stimulus packages meant to prop up the economy as the world weathers the health crisis. This new money, combined with rising fears of inflation, might spill into cryptos and stocks in the future. Add the recent NFT craze to the mix, and you end up with a variety of factors that could fuel growth. The crypto bull run is expected to continue for quite some time, according to analysts and pundits. Adapting to this increased interest in digital money are money processors Visa, Mastercard, and PayPal. In fact, Visa has already announced a pilot program to allow people to pay for goods using cryptocurrencies.