After a somewhat slow year for digital assets in 2018, things are finally turning for the better with the price in Bitcoin surging upwards once again.
The media is keen to spread the news of Bitcoin surpassing $8000, followed by explanations from various experts on why it happened and further predictions on Bitcoin prices. With all eyes on the price of Bitcoin, it is easy to lose track of the real purpose of digital assets.
Many people have profited handsomely in just a matter of days thanks to the price spike, and whilst the team at ATOM applauded that, we also believe that digital assets are not there to drive a gold rush.
Bitcoin first emerged against the backdrop of the 2008 financial crisis. It was an opportunity for new financial innovations and models, beginning with Bitcoin and its underlying blockchain technology. Digital assets offer alternatives for wealth management, savings, spending and investing and we at AAX look forward to creating a future where trading digital assets represents the synergies of today’s mainstream financial world and the potential of blockchain.
This vision inspired ATOM to create AAX, a trusted digital assets trading platform for all. Whilst the world is focusing on the price chart of Bitcoin, the AAX team keeps its eyes on the bigger picture – building trust and integrity in digital assets.
Here are three recent developments in digital assets which we think are crucial to building trust.
Professional athletes want to be paid in Bitcoins
Some of the highest paid employees such as NFL players now want to be paid in Bitcoin. Morgan Creek digital co-founder and partner Anthony Pompliano tweeted that NFL Quarterback Matt Barkley now wants to be paid in digital assets, and many others playing in the league share the same opinion.
NFL Quarterback @MattBarkley tried to get the San Francisco 49ers and Cincinnati Bengals to each pay his contracts in Bitcoin.
Neither would do it.
Matt is just one of many Bitcoiners that are playing in the NFL on Sundays ????????
— Pomp ???? (@APompliano) May 14, 2019
The fact that some of the world’s top earners want to have their salaries paid in Bitcoin says a lot about the trust digital assets has gained. They see Bitcoin as a way to safe-guard and grow their earnings before retirement.
This is particularly true for Barkley who revealed earlier to the media that he sees digital assets as a long-term investment. He bought Ethereum after doing research and hearing from a trusted source who advised him to invest long-term in digital assets.
From an administrative point of view, employers are able to save costs by paying players in Bitcoin given its easy to use border-less nature and low transaction fees. In fact, the technology is already here, and payroll companies offering Bitcoin-based services are nothing new. Bitwage, the payroll and international wage payments service provider, has been processing digital asset payrolls since 2014.
Barkley might be a few steps ahead, but the adoption of digital assets happened so quickly that it caught people by surprise. Just look at the ever-growing number of businesses that accept Bitcoin as payment and Bitcoin ATMs around the world. Things are happening a lot quicker than you think.
Facebook opening up to blockchain ads
Facebook announced last week it no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to digital assets.
How things have changed in just a little over a year! In January 2018, at the height of the crypto craze, Facebook blocked all blockchain related ads. The decision was triggered by distrust towards digital assets, and Facebook blocked the ads to avoid users from being scammed by digital assets deals where providers had little to no accountability.
Now Facebook is not only lifting the ban on ads, it is also exploring launching its own digital asset – supposedly a stablecoin pegged to the US dollar.
Facebook is not a financial institution, but it is one of the biggest brands in the world and its decision to launch its own digital asset gives the industry a big vote of confidence.
Launch of timepieces for digital assets traders
Backing up my previous point on how adaptation of digital assets happens a lot quicker than you think, digital assets have only been around for a little over a decade but have already earned its own timepiece. It took almost 40 years for Apple to go from computer (1976) to the Apple watch (2015).
Franck Muller, a renowned manufacturer of Swiss luxury watches, has launched watches intended for digital asset traders. The watch serves as a digital asset wallet as it stores private keys and can be connected to a computer through USB when users want to trade.
On why the brand decided to introduce a product related to digital assets, the company’s regional director compared Bitcoin to gold:
“Bitcoin is the millennial gold and this product is a perfect marriage between innovation and personal choice,” he said.
For some, it is still hard to imagine comparing Bitcoin to gold, the most recognized safe-haven asset, but this is how quick the world has been adapting to digital assets.
No one is able to accurately predict the price of Bitcoin or any other digital assets, and conversations around price fluctuation won’t lead to anything tangible. On the other hand, how digital assets are going to change our financial system, and ultimately our world, presents an engaging conversation with endless possibilities.
If you also believe in the endless possibilities of digital assets, we would like to share more with you on our journey towards building AAX – a trusted platform for trading digital assets.
To find out more about AAX or to pre-register please visit www.aax.com.