Highlights
  • Tesla shares continued to decline following Bitcoin payment acceptance.
  • Visa investors were not excited by the big banks? cryptocurrency move.
  • PayPal introducing ?Checkout with Crypto? on March 30 was welcomed by investors.

The acceptance of cryptocurrencies as a mainstream mode of payment has received a mixed share price response from the likes of Tesla, PayPal and Visa who are either apathetic or all for the digital currencies.

The announcement of customers being able to procure an electric vehicle from Tesla with Bitcoin has done little to halt the company's share slide of 7% from US$662.16/share to US$611.29/share following the company's recent crypto declaration.

Investor sentiment, while positive on retail payment giant Visa's acceptance of USD Coin - a digital currency pinned to the US Dollar - has not parlayed into meaningful share price gain with the stock rising 2% from US$214.51 to US$218.65 in the week after the announcement.

US coffee giant Starbucks jumped on the crypto-train just this month giving customers the ability to pay with cryptocurrencies through a partnership with Bakkt app. The world's largest coffee roaster's share price gained 3% over the week following the announcement.

However, it is PayPal, that in October 2020 announced plans to allow customers to pay with cryptocurrencies with the launch of ?Checkout with PayPal? on March 30, which saw the company?s share price surge by 8% from US$242.84/share to US$255.6/share following the announcement of its crypto-checkout.

As regulators and policy makers continue efforts to crackdown on cryptocurrencies and decentralised digital assets, the inclusion of crypto payments for a cup of coffee, visa cards and PayPal has been positive. For emerging technology in electrical vehicles, it has not helped the likes of Tesla now having to provide a justification for a lofty share price.