Surging bitcoin lures corporate treasurers
More companies are preparing to accept payment in crypto as the number of customers with digital wallets swells. But a confusing proliferation of payment methods means that innovation has made collecting payments harder, not easier.
These are intoxicating days for the bitcoin boosters. At the end of January, the dollar price of one bitcoin hovered around $30,500.
That’s a lot of money for a so-called currency that you can’t actually spend in many places and a supposed store of value that is so volatile it was worth just $3,500 two years ago.
Even with the reflation trade already starting to drag down prices of US treasury bonds before the inauguration of president Biden on January 20, the value of bitcoin, the so-called digital gold inflation hedge, had also been falling, down from $40,500 at the end of the first full week of 2021.