Mastercard has been granted a patent that gives it the right to hold a ‘fractional reserve of blockchain currencies’. Mastercard justified this decision because of the preference of their user base on the use crypto as a payment gateway. This heralds a huge step for the crypto space if one of the largest payment processors by volume goes about implementing crypto payments as an option. This would greatly increase adoption of crypto along with educating consumers on the positive characteristics of using cryptocurrency. This in turn would boost the governments around the world in recognizing cryptocurrency as legal tender and not a security that will have an associated capital gains tax on the underlying asset . Capital gains stymies the current use case of cryptocurrency and the Mastercard development could go a long way in realizing goals of using Bitcoin and cryptocurrency as legal tender.
We believe this is yet another positive development for the space. While there is no point in going ahead of ourselves and statig the bear market is over, the belief is that the combination of positive developments and technical analysis should provide at least a short reprieve in the downturn we have experienced over the course of the past 6 months.
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