Digital currencies, also known as cryptocurrencies, have arrived on the world stage and are here to stay. On the international scene, China this year launched a digital version of the Yuan. In El Salvador, the country's congress has approved, and the president signed a bill into law that makes Bitcoin legal tender. Here in the U.S., the Federal Reserve is in active discussions about how the dollar can be digitized. CENTRE, with its USD Coin, could be the solution the U.S. turns to, or the Fed may try to implement their digitized dollar using blockchain.
The most recognizable cryptocurrency in the world is Bitcoin, which is the first crypto ever created. It has a built-in anti-inflationary mechanism that ensures there is not a never-ending production of Bitcoins. This feature, known as scarcity, is what gives Bitcoin its value. Other popular cryptocurrencies are Ethereum, Algorand, Litecoin, and Solana. Cryptocurrencies are famously volatile, meaning they can have wide swings in value on any given day. On the other side of the crypto equation are stable coins, which retain their value of 1:1 with the dollar. The most popular are USDC and Tether.
Cerebrum is now accepting USDC and Bitcoin as forms of payment for any of our services and subscriptions. As the premier film and digital company in Southern California, we recognize we must lead by example. Digital currencies are the future of finance. Consider this. The rate at which cryptocurrencies are being adopted today is 3x faster than the rate at which the internet was adopted. Currently, both VISA and Mastercard have debit cards that enable crypto spending. Furthermore, nationally chartered banks are now opening their doors to crypto bank accounts. For businesses to stay competitive, they will have to make the shift to crypto quickly and safely. By adding crypto payments as a complement to traditional dollars, businesses can signal to their client base that they are ready for the future. At the end of the day, this forward looking flexibility can make all the difference.
If you are a current Cerebrum client and would like to pay in USDC or Bitcoin, please contact your account executive. No part of this post should be construed as financial advice. Do your own research.