As Bitcoin soars, major brands find crypto more palatable

12/21/2024 20:02
As Bitcoin soars, major brands find crypto more palatable

Mainstream adoption of cryptocurrency will be achieved through meaningful association with name brands outside the financial and tech sectors.

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The price of Bitcoin (BTC) rises and falls. It always has and likely always will—just as any stock or asset does. However, as of late, its jumps are far larger than its drops. In other words, crypto enthusiasts are enjoying their own version of the Roaring Twenties, an era of Western economic prosperity following the devastating Great War.

Likewise, Bitcoin holders and crypto advocates are gleefully checking their digital wallets and watching token values take off just two years after the start of a down market.

While crypto bros and decentralized maximalists toast to their chubbier portfolios, the elephant in the room is incoming US President Donald Trump. Trump’s upcoming second term in the White House could reshape the crypto landscape, but much like rising token prices, this remains purely speculative.  

Nonetheless, there is no doubt that Trump’s total embrace of digital assets provides plenty of upside for the industry. Some have pointed to a Trump quote from July stating that he would establish a “strategic national Bitcoin reserve” as a hint that Bitcoin as legal tender could be on the table. This is also just speculation, but it sure does fuel an industry that has been gaining momentum over the past year.  

Realistically, achieving the ultimate objective of mainstream adoption isn’t likely in the immediate aftermath of Trump’s inauguration—or even in the first year of his term. 

However, the industry’s sky-high optimism, along with tangible progress in notable areas such as real-world asset tokenization, spot Bitcoin ETFs, and burgeoning AI-powered use case, provide it with stronger roots. 

While technological advancements are wonderful (and needed), the path to mainstream adoption won’t be paved by a revolutionary autonomous liquid restaking platform. Instead, mainstream adoption will be achieved through meaningful association with name brands outside the financial and tech sectors.

Sure, big-name brands like Nike, Starbucks, Louis Vuitton, and others may have embraced NFTs following their unprecedented success in 2021. However, jumping on a hype bandwagon that ultimately went south isn’t exactly a meaningful initiative. 

Thanks to the industry’s renewed success and Bitcoin’s gains, several big brands have announced plans to accept crypto payments. Two weeks ago, French department store Printemps announced it was working with Binance and French fintech firm Lyzi to accept Bitcoin and Ethereum (ETH) across all its stores in France. Earlier this month, luxury cruiseliner Virgin Voyages began accepting Bitcoin payments, while luxury goods producer S.T. Dupont said it would start accepting crypto payments in two Paris stores by Christmas. 

While this may be a PR stunt to come off as innovative and could even be a strategic business decision by some slumping luxury brands, it nevertheless pushes crypto into the mainstream.

In addition to brick-and-mortar shops accepting crypto payments, fintech solutions like PayPal and WooCommerce are increasingly enabling online shoppers and merchants to integrate and make payments using digital assets. These payment gateways help close the gaps between crypto and the broader economic landscape. 

GT Protocol aims to achieve this exact goal by building AI agents capable of smoothly integrating into both crypto and non-crypto services. The AI executive technology platform has integrated its AI agents with major global brands, including Amazon, Shein, Nike, and more. As a project demonstrating the power of AI and crypto through its blockchain execution technology, GT Protocol sees the convergence of AI agents, crypto, and e-commerce as a way for its platform to onboard more users towards web4. 

There are many paths to onboarding new users, but collaborating or integrating crypto payment rails with mainstream brands seems like a shortcut. If crypto can maintain its momentum and continue innovating in the upcoming year, expect to see more brands across many key industries look for ways to bridge crypto and retail. 

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