Andrew Silver featured by Compliance Week as Digital Assets continue their rise in Popularity

Regulators wary of crypto as digital assets go mainstream

By: Lori Tripoli

Despite alarmist prognostications by government officials, interest in cryptocurrency isn’t exactly waning. “Digital currency already has a significant degree of acceptance,” says Silver. “At least among those who are tech-savvy.”

There’s even evidence that digital assets are gaining in popularity. “The wallet application Coinbase is currently ranked on the iTunes App Store ahead of the apps of such major banks as PNC, U.S. Bank, USAA, and Navy Federal Credit Union,” Silver reports.

Perhaps even more significantly, in late October, the Bitcoin exchange Bakkt announced its intention to launch an app that would “enable consumers to make purchases with cryptocurrency in 2020,” Silver notes, adding Starbucks will be the first retailer launched. Online retailers like Overstock.com and Newegg accept Bitcoin as payment, he reports. Even Microsoft allows consumers to add funds to their Microsoft accounts using Bitcoin.

Retail businesses are getting in on the crypto craze as well. “It is becoming more commonplace for U.S. retail businesses to place ‘Bitcoin ATMs’ in their establishments, where customers can buy Bitcoin with cash or withdraw cash using their Bitcoin wallets,” Silver says.