What happened?
Bitcoin is becoming more practical for everyday use as Bitget Wallet introduces a crypto-backed Mastercard in the UK and EU, allowing users to spend digital assets like Bitcoin at over 150 million merchants worldwide. The card offers real-time crypto-to-fiat conversion with no fees, making it convenient for daily purchases. Backed by Immersve’s infrastructure, this card meets Mastercard’s standards and sidesteps traditional banking obstacles.
Who does this affect?
This new crypto Mastercard mainly targets Gen Z users and people in underserved regions within the UK and EU who are looking for more accessible ways to utilize cryptocurrency. While the US is currently excluded due to regulatory issues, the rollout might expand in the future. Both retail crypto users and institutions interested in digital asset management are likely to be impacted by this change.
Why does this matter?
The introduction of a crypto-backed Mastercard could significantly increase Bitcoin’s utility, transitioning it from merely an asset to a widely-accepted currency. This development, along with Deutsche Bank’s planned entry into crypto custody services and increasing institutional Bitcoin holdings, indicates growing confidence in Bitcoin’s role in the financial sector. These moves could drive demand and potentially influence Bitcoin’s market price, strengthening its long-term stability in the financial system.