As cryptocurrencies continue to receive attention worldwide, Google Finance users can now access an overview of top cryptos in just a click.
The segment, listed as “crypto”, appears in the “Compare Markets” category alongside conventional stock and currency markets. At the moment, however, it seems that Google Finance can only track a few cryptos. So far, only bitcoin, Ethereum, Litecoin and Bitcoin Cash are seen displayed by default.
Cryptocurrency Enthusiasm is Growing
When institutions began investing in crypto last year, the cryptocurrency market prices hit new highs with its market cap surpassing $1 trillion in January.
The crypto market cap would eventually peak north of $1.7 trillion in February before experiencing a drawback. At current values, the digital asset market is worth over $1.4 trillion and is still growing.
Over the last three months, the retail and institutional adoption rates have been over the roof. Institutions such as Microstrategy and MassMutual invested in Bitcoin last year, setting the trend. Tesla, led by CEO Elon Musk, recently invested $1.5 Million in Bitcoin.
During a filing with the SEC, Tesla said that the bitcoin investment aimed to diversify and optimize profits on their cash. In making another significant move, the company stated that it would start accepting payments in the form of bitcoin. The payment option, after implementation, will make Tesla the first major automaker to do so.
Mastercard, on Feb 10, announced its goal to support some cryptocurrencies on its payment network. Although it has not specified the crypto it will work with, the announcement further legitimizes crypto use, prompting a wider acceptance. BNY Mellon and Venmo also announced plans to incorporate bitcoin into their business offerings in the same suit.
Crypto Regulation is Still an Issue
With the growth of crypto, it is bound to attract more regulation. Hester Peirce, a top Securities and Exchange Commission (SEC) official, stated that events such as Tesla and BYN Mellon add to the urgency of taking some action in the crypto space to provide more clarity.
In the meantime, Peirce says that the new Biden administration can offer a fresh look at the regulatory aspect.
In some countries, bitcoin and other cryptocurrencies are considered problematic because they cannot be monitored or regulated by governments and financial institutions. Regardless of the justification that a country provides for banning crypto, it all has to do with remaining in control of its financial system.
For religious reasons, Saudi Arabia banned bitcoin, arguing that it is incompatible with Muslim law. Iceland has banned BTC to prevent itself from having too much money leaving the country. For the simple reason of not controlling it, the Bolivian government also banned it. Generally, the issue with crypto regulation might stick around for a while.