Big News about "Google Partnering with Bitcoin"
Who, what, when and why should you care?
My short summary:
Baakt a 1.3 billion dollar cryptocurrency exchange and cryptocurrency custodian firm?, owned by the company which owns the New York Stock Exchange, has brokered a deal where Google has agreed to allow Bitcoin users to utilize Bitcoin on GooglePay. This means 67 million users of GooglePay globally can use their Bitcoin to make thousands of different type of online purchases and in person purchases at places where they can use GooglePay to buy a wide assortment of goods and services.
This is huge.
More details below.
News stories about "Google Partnering with Bitcoin"
India News article
NEW DELHI: Google and Bakkt, a US-based digital assets platf ..
Bakkt announced on Twitter on October 8, that its partnership with Google extends Googles reach into the digital cryptocurrency market.
Read more at
Another article from The Street provided more details
Bakkt, a digital asset marketplace and wallet provider, has partnered with Google. The partnership will allow Bakkt users to connect their Bakkt crypto cards to Google Pay.
Read more
Another article from Coin telegraph
Bakkt crypto exchange partners with Google for payments
Millions of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at a variety of stores and online markets.
Read More
So what does this mean?
This means that Baakt a 1.2 Billion dollar assets under management firm, owned by the company which owns thee New York Stock Exchange, has brokered a deal whereby Google will allow people to use Bitcoin to buy products and services on GooglePay.
Who is GooglePay?
From Wikipedia:
Google Pay... is a digital wallet platform and online payment system developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users in the United States and India can also use an iOS device, albeit with limited functionality. In addition to this, the service also supports passes such as coupons, boarding passes, campus ID cards, car keys, event tickets, movie tickets, public transportation tickets, store cards, and loyalty cards. As of January 8, 2018, the old Android Pay and Google Wallet have unified into a single pay system called Google Pay.[3] Android Pay
source
How big is GooglePay?
...Ambarish Kenghe, Director, Product Management, said ...Google Pay has grown to reach 67 million monthly active users, with the app clocking transactions worth over $110 billion on an annualised basis.Oct 7, 2019
source
Who is Baakt?
A super huge exchange for cryptocurrency. Owned by the company which owns the New York Stock Exchange. Think about that for a second, and the next time you here a rich person bashing Bitcoin remember they are probably saying don't buy Bitcoin, while they are buying Bitcoin. If rich people weren't buying Bitcoin, the companies which cater to rich people like Fidelity and Baakt wouldn't be providing services.
From their website:
Bakkt by Intercontinental Exchange, owner of the New York Stock Exchange
Bakkt® unlocks the $1.2+ trillion of digital assets that is currently held in cryptocurrencies, rewards and loyalty points, gaming assets and merchant stored value. We began in 2018 with the vision to bring trust and transparency to digital assets. Through the Bakkt Warehouse and Bakkt Bitcoin Futures and Options contracts, we serve institutional clients in an end-to-end regulated market with true price transparency. For consumers, Bakkt aggregates digital assets to enable instant liquidity and to empower users to trade, transfer and pay however they want. Merchants within the Bakkt ecosystem see a lower cost of payment acceptance, enhanced customer engagement, and decreased loyalty liability through a variety of redemption options.>>>
Last words!
It's surprising to me how the stars are lining up for crypto in general and Bitcoin in particular. This is a major deal in the making, allowing over 67 million users of GooglePay to use Bitcoin to buy in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. The service also supports passes such as coupons, boarding passes, campus ID cards, car keys, event tickets, movie tickets, public transportation tickets, store cards, and loyalty cards.
Wow!
If there was any question in your mind that mass adoption was coming, I hope this helps eliminate your doubt.
Then Bitcoin price hits 65,000.
The end...for now.