Since the COVID-19 lockdown, the economy has tanked and trust in the US dollar and other currencies may be at an all-time low. Gold and silver prices hit all-time highs, as a strong indicator for further drops in fiat. Crypto prices are up too, and they are much easier to use in transactions to transfer value from one person to another, versus metals. With the future of fiat currencies being questionable, will crypto transactions grow in volume, and eventually surpass crypto transactions?
Crypto Values Continue to Rise
Bitcoin is knocking on the door of $12,000 and above again, and people are already talking about whether Ethereum will break $1000. In the past, people were skeptical about crypto. Yet, it appears as though it isn’t going anywhere. People trust the technology enough to put their money into it, and ecommerce vendors are accepting Bitcoin transactions (and others).
Prepare Your Company for the Future
Whether it’s Bitcoin, Ethereum, or some other coin, the future is in cryptocurrencies. They’ve been volatile up until now, and may continue to swing widely. But, we may see them stabilize as fiat continues to fall. That being the case, there are a few things you can do as a merchant. The first step of course, is to start accepting crypto transactions. You can still continue to accept fiat, but by accepting crypto, you will give your customers more choices, and that will give you more revenue streams.