As per a BusinessWire press release, Fundstrat Global Advisors, a leading market research firm, has begun to accept Bitcoin payments from its clients.
— BitPay (@BitPay) July 31, 2018
Fundstrat announced that it has implemented BitPay, a foremost cryptocurrency payment processing service, into its system. This move will allow the Wall Street firm to accept Bitcoin in exchange for research and analytical services.
Expressing the reasoning behind this move, a Managing Director at the firm stated:
“Fundstrat found that accepting payments via BitPay is considerably simpler, faster and less expensive than bank wires. Bitcoin payments make it easier for our clients, particularly those outside the US, by offering more options to pay for our research services without having to deal with the hassles of currency translation.”
This is yet another move that shows that Fundstrat sees Bitcoin and cryptocurrencies as a legitimate industry, that is only set to grow moving forward. The New York-based firm is one of the only “macro research firms” to actively track and analyze the state of the cryptocurrency industry. Its clientele includes prominent institutional firms, wealthy advisors, pension funds and HNWI (High Net Worth Individuals), who are all looking for premier research reports on a variety of economic subindustries.
Due to the fact that the firm sees a “growing importance of crypto in digital payments,” Fundstrat reasoned that it would make sense to accept Bitcoin to back up their sentiment. With this move, Fundstrat will be opening its doors to a wider range of prospective clients, as cross-border and near-instant payments can be complete with BitPay. As the press release notes:
“Bitcoin payments dramatically reduce the friction, cost, and time of cross-border business to business payments.”
Fundstrat’s Head Of Research Remains Bullish As Ever On Bitcoin
Over the most recent weeks, Tom Lee, the Head of Research at Fundstrat, has stayed in-line with his Bitcoin permabull sentiment. Issuing a Tweet regarding the market’s reaction to the Winklevoss ETF response, Lee noted:
“It’s a sign of a positive change in crypto that
#BTC has essentially shrugged off the #Winkelvoss ETF rejection. If this took place in Apri-June (more bearish period), the crypto market would have seen a sizable sell-off. In short, affirming why technicals improving.”
CRYPTO: It’s a sign of a positive change in crypto that #BTC has essentially shrugged off the #Winkelvoss ETF rejection. If this took place in Apri-June (more bearish period), the crypto market would have seen a sizable sell-off. In short, affirming why technicals improving.
— Thomas Lee (@fundstrat) July 28, 2018
Lee has long been held as the face and representative of Bitcoin bulls, as he has continually called for Bitcoin to hit $25,000 come January 2019. This most recent statement only cements his positive outlook on this rather nascent industry, despite the trials and tribulations that were seen as Bitcoin fell by over 60% since January 2018.