Why cryptos like Bitcoin are ‘no longer in the fringes’

Elon Musk set the tone when he accepted Bitcoin as payment for Teslas. Now retailers across the world are joining in.

| More on:
a smiling female cafe worker wearing an apron stands in front of an elaborate coffee machine and cafe set up with glasses and cups on shelves as she holds a sign that says 'Bitcoin Accepted Here' .

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Cryptocurrencies are fast entering mainstream acceptance and daily use.

Elon Musk led the charge – or at least garnered the most headlines – last year when he announced Tesla Inc (NASDAQ: TSLA) would accept Bitcoin (CRYPTO: BTC) as payment for its EVs. It was a move he temporarily suspended amid concerns over the massive carbon footprint from mining the world’s biggest crypto by market cap.

Since then, Musk has been joined by a growing list of major companies eager to welcome customers looking to pay with digital tokens.

Petrol, tobacco and lunch for your cryptos

As reported by The Australian, OTR petrol stations and convenience stores will accept cryptos for payment beginning in July.

OTR, a subsidiary of Peregrine Corporation, has more than 160 outlets across South Australia and Victoria. Peregrine Corporation also will begin accepting digital assets for payment at its C Coffee, Subway, Oporto, Wokinabox, Smokemart, and Giftbox stores.

How it all works

Crypto.com and DataMesh are working with Peregrine to install point of sale terminals able to process payment in cryptos across the company’s network. The terminals will convert the digital asset payments into Aussie dollars at the time of sale. That will eliminate much of the volatility risk inherent with the likes of Bitcoin.

Commenting on the decision, Peregrine’s executive chairman Yasser Shahin said (as quoted by The Australian):

The growth and mainstream acceptance of cryptocurrency adoption in Australia and the rest of the world has been phenomenal, and has offered us a clear opportunity to tap into the momentum of this fast-growing space for the benefit of our customers.

Crypto.com’s local general manager Karl Mohan added that other Aussie retailers are also interested in rolling out the option of digital asset payments to their customers. “This is mainstream now, no longer in the fringes,” Mohan said.

Indeed, a survey published by Crypto.com in February indicated that 60% of merchants are interested in accepting cryptos as payment over the coming year, while only 4% currently have that capacity.

As for customers, 40% of respondents said they’re already using cryptos for transactions with 60% planning to do so over the next year.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Bitcoin and Tesla. The Motley Fool Australia owns and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Cryptocurrencies

Two men in suits face off against each other in a boing ring.

The Aussie-born crypto platform taking on Ethereum

A new platform is being launched by a 25-year-old Aussie millionaire.

Read more »

A hip young guy works at his home workstation with two screens and a gamers chair, keeping an eye on his crypto investments.

This is why Ethereum has been outpacing the Bitcoin price gains. Will it last?

The Ethereum blockchain may make its long-awaited transition to a Proof of Stake protocol next month.

Read more »

a man sits in casual clothes in front of a computer amid graphic images of data superimposed on the image, as though he is engaged in IT or hacking activities.

Will the next era of computing break the Bitcoin price or boost it?

Cryptos have taken a beating over the past months as interest rates around the world ratcheted higher. But is there…

Read more »

a shiba inu dog looks happily at eh camera with his tongue out while his owner hods him on his chest as he sleeps on a hammock.

Here’s why the Dogecoin price has had such a great week

Economic data out of the United States and a surprise announcement by BlackRock offered some healthy tailwinds to cryptos over…

Read more »

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price

Why this Bitcoin maximalist says all other ‘crypto is a scam’

Initially introduced in a 2008 whitepaper by one or more people going by the pseudonym of Satoshi Nakamoto, Bitcoin launched…

Read more »

A hand reaching into a computer to grab digital money, indicating a rise in the use of cryptocurrency

Why an RBA-issued crypto-like currency could soon be a reality

The RBA is piloting a central bank-baked digital currency.

Read more »

A male investor wearing a white shirt and blue suit jacket sits at his desk looking at his laptop with his hands to his chin, waiting in anticipation.

Can the Bitcoin price reach US$30,000 again in 2022?

Rising interest rates have resulted in significantly less institutional investor interest in cryptos.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.

Could this key metric signal more bad news for the Bitcoin price?

Crypto investors are keeping a close eye on the signals that could see the US Federal Reserve begin to ease…

Read more »