Cryptocurrency Rising as Corporate Mainstream Acceptance and Digital Mining Ramps Up
LOS ANGELES / USA News Group / After years of resistance to cryptocurrency, it seems that the floodgates are finally opening, as banks, credit cards companies, retail outlets, and even automakers are signalling a major shift. With major endorsements from such Silicon Valley megastars as Elon Musk and Jack Dorsey, Bitcoin (BTC) saw its value shoot up to $48,000 with some speculating it could hit $100,000 by 2022. Now major tech companies, such as Apple Inc. (NASDAQ:AAPL), Tesla, Inc. (NASDAQ:TSLA), and Twitter, Inc. (NYSE:TWTR), as well as credit card giant Mastercard Incorporated (NYSE:MA) have begun to make moves into the space, either by accepting BTC for transactions, or by investing heavily into it with corporate finances itself. However, many others are discovering the opportunity in digitally mining cryptocurrencies, including users of the rapidly growing, international live-streaming, social messaging and language learning mobile apps developer Hello Pal International Inc. (CSE:HP) (OTC:HLLPF), who through a partnership with Yitang can participate in Bitcoin and Ethereum mining—both simply and conveniently.
“It’s been our initiative for cryptocurrency to play a central part on our platform, especially given the borderless nature of cryptocurrency and our international nature,” said KL Wong, Founder and Chairman of Hello Pal. “The recent activity and interest in cryptocurrency presents us with a unique opportunity to introduce cryptocurrency to our users, as well as to bring cryptocurrency users to our platform.”
Through machines hosted and operated by Yitang, Hello Pal users can purchase Bitcoin and Ethereum mining machines. They can do this not only individually, but also as a group. Nor are users required to by the entire machine, as they can option to purchase fractional parts of the mining machines. Each machine will be personally identifiable to the purchasers, which differs greatly from the current ‘cloud mining’ services that are typically available on the market.
Once purchased, users can expect mined cryptocurrency to be credited to their digital wallet each day. As of February 8, 2021, Hello Pal is boasting a userbase of over 5.4 million users from over 200 countries and regions—giving the potential for a major wave of users opting to participate in crypto mining with Yitang.
Designed for users to make new friends in countries all over the world, and bridging the culture gaps among them, Hello Pal has some advantages that even the North American majors do not—including, but not limited to, the permission to operate both inside and outside of China.
As the first step in the initiative, Hello Pal has gone ahead and purchased several Bitcoin and Ethereum mining machines, with plans to purchase even more. Yitang is also helping the Hello Pal revamp and reintroduce its digital wallet as well as its own digital currency, “Palto”—which is a utility token that will be used across the entire Hello Pal suite of apps in order to allow for the borderless transfer of value between Hello Pal users across the world.
With headquarters in Vancouver, Canada, and sharing dev offices in China with 200-million-user livestream giant KK Livestream, Hello Pal is quickly becoming a rising star in the sector—having recently set a new revenue record in January 2021 of nearly CAD$2.8 million, and completing a fully subscribed private placement of CAD$1.6 million.
“We are pleased our company is truly global, and will continue to rollout new products, features, to reach new markets,” said Hello Pal advisor, Hans Xu. “The Hello Pal platform is a truly diversified social platform”
Another major social media platform, Twitter, Inc. (NYSE:TWTR), has contemplated holding BTC as a corporation, but has not decided yet. However, its CEO Jack Dorsey has not shied away from his support of Bitcoin as the ‘internet’s currency’ having publicly endorsed BTC in his Twitter profile, and started a new initiative with rapper Jay Z worth $24 million to fund the development of Bitcoin.
But perhaps a more influential endorsement on Twitter of Bitcoin came from Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk, when he tweeted just one word: “#bitcoin”
In the space of just one hour, Musk’s tweet sent the virtual currency soaring by an additional $5,000.
Now the billionaire might be under fire from the SEC over his company’s $1.5 billion aggregate investment into Bitcoin. But even bigger news for electric vehicle enthusiasts around the world, is the potential that Tesla may accept Bitcoin as payment for their cars.
The concept of using Bitcoin for buying more goods online received an enormous boost with the announcement that Apple Inc. (NASDAQ:AAPL) will now allow users to buy products with Apple Pay, using BitPay’s prepaid Mastercard.
“We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto,” said Stephen Pair, chief executive of BitPay, in a statement. “Adding Apple Pay and soon Google and Samsung Pay makes it easy and convenient to use the BitPay Card in more places from day-to-day items to luxury purchases.”
Apple itself is also being rumored to be buying up Bitcoin, hinting at a potential multi-billion dollar opportunity for the company.
But perhaps the most surprising entrant into the mix is Mastercard Incorporated (NYSE:MA). At some point later this year, the credit card giant has said it will support “select cryptocurrencies” directly on its network.
“Our philosophy on cryptocurrencies is straightforward: It’s about choice,” stated Raj Dhamodharan, an executive vice president at Mastercard. “Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want.”
The shift signals that many more merchants will be able to accept cryptocurrencies, thereby cutting out the inefficiencies and letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases.
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