Google Buys Into Crypto (IT'S TIME)
One of the largest companies in the world. Google just announced a major crypto partnership and three of the biggest drivers for growth in crypto are going to be mass adoption regulations and investors. Whether were talking about retail or institution, simply just money coming in the partnership today, that google just announced relates directly to mass adoption, its going to give 200 million people access to paying with cryptocurrency. Before we dive into that, though, it still says about 70 of you watching are not subscribed. So if you enjoy short form, concise, no bs content that doesnt waste, either of our times, make sure to like the video and subscribe to the channel. Also, we just opened up a few new spots in the patreon group, so make sure to join that. If you want access to daily live streams, you want access to buy and sell alerts, exclusive content and a couple of additional things. Anyways google just announced a major partnership with a digital asset platform called backed backed as a company that will be going public pretty soon so its by no means a small company and essentially what they do. Is they enable institutions and consumers to buy, sell, store and spend digital assets, including cryptocurrencies? You can see this is their website. They recently have offered a couple of new services for institutional investors to act as a custody account where they can store private keys for big money players. But this is very exciting because, with this partnership we have started to see big tech and crypto get more and more involved throughout the last lets, say 12 months, weve seen that coinbase has partnered with apple pay and google pay.
We have seen that amazon. There have been a couple of rumors around amazon hiring people in the digital asset in cryptocurrency space there have been rumors about apple, getting into crypto as well same with paypal, tesla and a lot more. So this announcement from google is very important because, with this new partnership, according to um backed they explained that now users are going to be able to add their virtual va. Virtual backed visa debit card into google pay to purchase everyday goods and services online in store or wherever google pay is accepted right now. Google pay is the second largest um contactless payment solution. Lets say if youre, comparing apple pay, google pay samsung pay. Google pay is currently the second largest right behind apple pen, so this is very exciting, because the only way were going to continue to see crypto grow in the future is by more people using it more people investing in it. How is this going to happen? Well, this partnership directly relates to more people being able to use cryptocurrency. The way that this will work is its not that you can go ahead and pay a company with bitcoin or ethereum and theyre going to keep that on their balance sheet. Yes, you could go ahead and pay companies with bitcoin ethereum cardona, whatever you want, but the way its gon na work is that when you make a purchase lets say, for example, with bitcoin its gon na automatically convert that to fiat currency and before the payment occurs.
So this is very, very exciting. It means millions of more people are going to have access to paying directly with cryptocurrency um, and it makes it very easy for reach for retailers, online stores and everyone else to actually accept it, because they dont have to keep that crypto on their balance sheet. Its just going to come to them and lets say us dollar its automatically converted beforehand. So this is good. The other partnership they just announced was um between backed and google cloud back said that they have selected google cloud as their preferred cloud provider, and they said we are proud uh. According to google, they said we were proud to help backed accelerate and scale the availability of their innovative solutions powered by our technologies. So, while were not going to see all over 100 million people who have google pay use this feature because right away because they dont all own a backed visa debit card. What this shows us is that there are more options. Options are great for crypto having more accessibility for people to pay is great coinbase. Recently partnered with google pay earlier in 2021. with coinbase. Now you can use your coinbase visa debit card on google pay and apple pay. Now we also have a backed visa debit card and were going to continue to see more and more options like this, which is just going to continue to help show the growth scale mass adoption for cryptocurrency moving forward so either way.
This is very exciting. A lot of people recently have been focused on bitcoin etfs, a couple of things going on with whale accounts, but we cant forget that mass adoption plays a key role in cryptocurrency moving forward. Yes, regulations are important.