The breakneck pace of crypto adoption could prove unstable, the UK wallet manager warns

The adoption of cryptocurrencies in a UK payment app is booming in the first quarter of 2021, but the continuation of this trend could depend on the actions of the “evangelists”. Bitcoin (BTC) as Elon Musk, advises STICPAY Director James Bay.

The mobile payments app saw cryptocurrency deposits grow 48% in the first quarter of the year, while fiat deposits were flat.. Bitcoin seems to be the currency of choice for most STICPAY e-wallet users as Bitcoin deposits make 38 mini-deposits from Ether (ETH), Tether (USDT) and Litecoin (LTC).

The company also reported a 185% increase in the number of users converting fiat money to cryptocurrencies using the wallet’s built-in currency converter.compared to the same period last year. This was accompanied by a 12% decrease in the number of users who exchange cryptocurrencies for fiat.

The breakneck pace of crypto adoption could prove unstable, the UK wallet manager warns
The breakneck pace of crypto adoption could prove unstable, the UK wallet manager warns

The director of customer service, James Bay said that more cryptocurrencies were gaining good reputations as potential stores of value, but bitcoin continued to lead.

“Cryptocurrencies are increasingly accepted as a trustworthy store of monetary value. But we have to say that It is Bitcoin that is leading the change in payment habits and prospects that are challenging fiat currencies“Said Bay.

“The shift in favor of cryptocurrencies is happening rapidly, but it remains to be seen whether this trend will continue.”cautioned Bay, whose comments are coming as the cryptocurrency market is experiencing a violent decline after months of rapid growth.

Bay thinks so The continuation of the trend could depend on the actions of public figures like Elon Musk, whose influential tweets have shown that they are boosting (or lowering) the prices of any currency he mentions..

“As recently as today, the high-profile Bitcoin evangelist Elon Musk announced that Tesla would no longer accept the coin, citing environmental concerns. All of this comes after the company announced in March that it would accept payments in Bitcoin.”Bay said, referring to Elon Musk’s sudden reversal of Tesla’s decision to allow Bitcoin as a payment method for its electric vehicles.

Another well-known Bitcoin evangelist, Michael Saylor of MicroStrategy, announced the purchase of another 271 BTC on May 13th.Hours after Musk suspended Bitcoin payments. The total amount of Bitcoin on MicroSTrategy’s balance sheet is 91,850 BTC;; bought different quantities at different prices since last year.

Bitcoin remains more than $ 1 billion on Tesla’s balance sheet, which has been criticized by industry watchers. They see it as a sign of hypocrisy for Musk to profit from a currency that he believes is environmentally hazardous.

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