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The crypto market has come under the spotlight at the beginning of February. There are reasons behind such rapt attention. Large financial companies are business investment prospects of the crypto market that is accompanied by a market buzz and rather modest volatility of digital assets. Following Visa, another giant of international payment transactions, Mastercard, announced the launch of its project concerning digital assets in 2021.
The company's executive vice president for digital assets, Raj Damodaran, said that in 2021, Mastercard is going to introduce several stable digital assets into its international payment system. We are talking about stablecoins and cryptocurrencies that are backed by real assets. One remark by Damodaran is worthy of special attention. The executive says that it would be a great idea to turn a cryptocurrency into a tool for everyday transactions, not investments.
If we compare his announcement with other important statements in early 2021, then we can suppose that a cryptocurrency is on the way of being transformed into an everyday and stable digital asset. The first and very important steps to popularize this feature were taken by Tesla. The US manufacturer of electric vehicles decided to invest $ 1.5 billion in bitcoin and approve this asset as a means of payment.
At first glance, this announcement seems to have triggered a surge of activity in the crypto market, after which the price was expected to take a nosedive as a downward correction. However, as we see, after the activity had calmed down in the crypto market, the main digital currencies did not collapse in price, making just a 3-5% drop. This suggests that even now, a cryptocurrency has become a less volatile asset than it was a few years ago. This is due to an arrival of large investors who have subdued the dubious demand of retail traders.
Large companies and financial institutions foresee prospects of the transformation of cryptocurrencies into a full-fledged means of payment. Major market players are still averted by high volatility of the product, which is evident from Mastercard's decision to support more stable coins. However, right now, the cryptocurrency market has an excellent opportunity to dispel fears about extreme volatility of digital assets.
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