Bitcoin’s valuation has halved since its all-time high valuation back in April. After reaching a 1 trillion-dollar market cap, the market cap is now sitting pretty at around 500 billion and has been since May. The plateau has thrown a lot of investors off of cryptocurrencies. Alongside bitcoin, many other cryptocurrencies have fallen in valuation such as Ethereum and Litecoin. However, we might start seeing some new developments at this time that could lead to more growth for cryptocurrencies in the future.
Cryptospend is a start-up app that is going to allow Australians to start spending their cryptocurrencies. With Visa’s approval, users will be able to use it at payment terminals. The card isn’t released yet but when it is – this should be one step towards more readily accepted mass adoption. “Cryptospend bridges the gap between traditional finance and cryptocurrencies. We want to bring crypto to the masses.”
Working towards widespread adoption should also increase valuation. Believers in cryptocurrency invest in the long term often because they believe cryptocurrency will eventually take over fiat (government-issued) currency.
Cryptospend has been ensured for the safety and privacy of its users. The founders of the app say that if the market eventually goes back up again, there should be increased demand for a way to easily spend someone’s profits.
Cryptocurrency users would normally have to convert their cryptocurrency back into fiat. Now with global payment giant Visa approving Cryptospend to issue debit cards, people can directly spend with cryptocurrency. In the future, we should be seeing a lot more integration of cryptocurrency into the Australian economy and with more adoption, the price valuation should keep rising for big coins like Bitcoin and other common coins that are approved on apps like Cryptospend.