PinPoint Media, a UK-based content agency, has announced it will accept cryptocurrency in exchange for its services, which include animation, video, content strategy and photography.
It’s far from the first agency to do this – the trend started back in 2013 – but it shows renewed interest in the asset after going bust in recent years.
The agency will use the Bitpay platform, which is currently working with the two main cryptocurrencies Bitcoin and Ethereum.
Customers who want to pay with one of the new digital currencies are listed in crypto. However, this is capped with a base GBP price so the actual crypto cost can vary as the market fluctuates.
Once the transaction takes place, the agency takes on the risk – and reward – of the value of the notoriously volatile cryptocurrency. PinPoint Media Founder and General Manager Oliver Bruce said, “It’s similar to international travel or payments overseas today – they vary depending on the date of the transaction.”
Bruce plans to keep the money in crypto instead of immediately transferring it to a government-backed fiat currency: “I predict a long-term upward trend in holding crypto so we wouldn’t liquidate for at least 12 to 18 months. I see this as a diversification of the investment portfolio rather than a short-term cash flow solution. “
While Bruce admits that none of PinPoint Media’s clients currently plan to pay him in cryptocurrency, he believes it is a way to future proof the agency against inflation and attract new clients who want to pay that way . “I don’t plan on customers converting fiat money into crypto exclusively for our services. This transition will take place over time, ”he says.
However, some of the freelance workers at the US and Hong Kong-based agency have already stated that they would like to accept Bitcoin as a form of payment. “This opens up the possibility of not only accepting Bitcoin, but also trading crypto with our suppliers,” said Bruce.
Cryptocurrencies recently hit the news after electric car maker Tesla invested $ 1.5 billion in Bitcoin in February, adding 14% to the value of its digital asset. Shortly thereafter, the price rose to $ 58,000 – a 90% increase since early January, bringing the total market value to over $ 1 billion. The price has fallen since then.
Tesla’s move sparked a debate over whether crypto will have a long-term future, either as a store of value like gold or as a payment method, or whether it is a purely speculative asset whose bubble will eventually burst.
American bank BNY Mellon, one of PinPoint Media’s clients, announced that it would hold Bitcoin and other crypto assets on behalf of its clients last month. PayPal has also announced that users will be able to buy and sell Bitcoin and other virtual currencies.
However, cryptocurrencies are notoriously volatile. PinPoint Media accepted the risks. “In the short term, we may have few bitcoin payments for our services, but I’m confident that over time, not only will people work with us because of the adoption of bitcoin, but they will also ensure a diversified investment portfolio for the business and business a hedge against banks and ultimately inflation, ”said Bruce.
He adds, “If there’s one thing I’ve learned during the pandemic, it’s about making sure the business is future-proof and the eggs are spread across multiple baskets. That’s basically what we do. “
He also believes that with the increasing adoption of online transactions and the advent of the Internet of Things, “I am convinced that this need for speed, innovation, and the ability to make large sums of money in seconds will drive acceptance of certain cryptos in the next Time will mean some months and years are becoming more common. “