The wild ride of Bitcoin’s value is slowing down, and we are beginning to see the effects of that stability.
Personal finance app Mint is integrating with Bitcoin wallet service Coinbase, so Bitcoin owners can quickly track how much their stash is worth and compare this value to their other financial accounts.
“There are now 12 million Bitcoin in circulation and 60,000 merchants accepting it via Coinbase,” Mint product manager Vince Maniago said in an interview. “We felt like it was something we couldn’t ignore anymore, and this is a good time to go out and support the currency as it becomes more legitimate.”
Mint’s popular personal finance app now has 14 million users. People can connect the app to 20,000 different bank, credit card, loan, and investment accounts to view all their financial statements in one place and manage their money.
Coinbase is the most well known and well respected Bitcoin wallet service out there. It now supports more than 870,000 consumer wallets, which Maniago said is bigger than the customer size of many mid-sized banks.
Bitcoin is clearly moving towards the mainstream. While it is called a “currency,” Bitcoin is treated more like an asset. Its value is still volatile, relatively speaking, and people generally buy Bitcoin to hold on to and trade rather than to spend.
“I bought some Bitcoin as an investment and realized it wasn’t easy to track my Bitcoin balance alongside all my other investments,” Maniago said. “Bitcoin value can fluctuate so much, which is precisely why Mint is treating it like an investment.”
Mint will now allow people to view their Bitcoin investment alongside the rest of their financial portfolio.
Bitcoin really took off in 2013 and captivated us with its soaring highs and plunging lows. This “crypto-currency,” shook the tech and financial world and remains controversial today. There are those who say it is the future of money, and others who call it evil.
However Bitcoin doesn’t seem to be going anywhere, anytime soon. More retailers are accepting Bitcoin as payment everyday, and there are Bitcoin ETFs and mutual funds emerging. As Maniago put it, Bitcoin and Wall Street are coming together.
“Bitcoin will exist right there alongside your traditional finances,” he said. “That’s really the crux of it.”