Cryptocurrency adoption by major corporations

The interest in cryptocurrencies has arguably been fuelled by FOMO (fear of missing out), but its widescale adoption has been held back by a lack of legislative and regulatory clarity, technological developments and scepticism. The first cryptocurrency, Bitcoin, was created as a decentralised substitute for conventional money. However, as its potential as a hedge against inflation and a store of wealth became more apparent, big businesses and institutions (in addition to individual investors) started to take notice. Large enterprises and established financial institutions viewed cryptocurrency with caution and mistrust at first but, as the market developed and regulations became clearer, more financial institutions have begun to realise how advantageous it is to use digital assets. Elon Musk's, Tesla, the world's largest electric car company, gained notoriety in 2021 when it revealed a sizeable investment in Bitcoin and began using the digital currency as payment for its cars. This ac…