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Bitcoin [BTC] and other cryptocurrencies can now be credited to Uber app

Jibin M George



Bitcoin [BTC] and other cryptocurrencies can now be credited to the Uber App
Source: Pixabay

Vendit recently announced that it now supports Uber, the world’s largest cab-hailing service. This will allow cryptocurrencies to be credited to the user’s Uberwallet, which can be used to pay for cab rides.

Vendit is the first cryptocurrency firm to successfully link Uber to a wallet credited by any virtual currency, although this has been an effort many companies had been working on. The Vendit payment system makes use of a special merchant processor system that can be adopted into a Point of Sale merchant system, allowing itself to be seamlessly integrated with apps such as Uber. Currently, Vendit also supports other popular apps and services such as IHOP and Domino’s Pizza, the popular pizza chain.

Announcing the development on its website, Vendit stated,

“It is with great pleasure for Vendit to announce that Uber has been added to Vendit’s payment system allowing people to be able to add credits to their Uber App by purchasing with cryptocurrencies. We believe this will set the benchmark in the use case scenario for cryptocurrencies and hope others believe it as well. We look forward to continuing the goal of mass adoption and adding more merchants in the near future.”

This isn’t the first time Uber has been associated with the world of cryptocurrency. In 2016, Uber had announced that it would be accepting Bitcoin, the world’s largest cryptocurrency, as payment for cab services in light of the Argentinian government’s restrictions on credit card transactions. However, after a lot of protests by local cab services in the Argentinian capital, Uber’s services in the country itself were restricted.

According to Founder and CEO of Vendit Mike Hu however, Uber isn’t going to be the endgame. Hu has reiterated that Vendit has planned out future milestones that would help hasten the wider adoption of virtual currency as well as ensured that in time, more and more popular apps would be supported by the online cryptocurrency payments system.

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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021





Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”

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