First they laughed at it, then they tried and fought it and now it's gradually being accepted and embraced. Yes, it's Bitcoin that I'm referring to and the latest and greatest when it comes for mass adoption of Bitcoin and the crypto industry as a whole comes from VISA.
The company is actually planning to enable the purchase of Bitcoin with Visa credentials and work with Bitcoin wallets as well. Now considering that most of the BTC owned right now by large financial institutions and hardcore holders won't probably be spent for coffee and croissants is another story, but the option will be available.
“We’re trying to do two things. One is to enable the purchase of bitcoin on Visa credentials. And secondly, working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted.”
-Al Kelly, the CEO of Visa
Try and ban that, India...
My take is that Bitcoin is just the tip of the iceberg for this approach of VISA. The option of spending BTC via a Binance card that uses the Visa network is already in play so that's not much of a novelty. Not many of the plebs out there have heard of Binance though, but VISA is a name and a brand used in over 70 million locations accepting VISA payments.
Associating the giant payments company with Bitcoin and crypto as a whole will open the world to a whole new and disruptive perspective. You will no longer be tied to a crypto exchange as a middleman when choosing to use crypto on a daily basis as my intuition tells me that sooner than later many of the banks and payments services will basically do what crypto exchanges are doing for years.
Bridging the fiat world with the crypto one will be made possible by many more institutions other than the crypto exchanges that we currently are aware of. Add DEFI to the equation and you have a whole new financial system and world digital economy. The age of abundance that @taskmaster4450 is been talking about for quite a while is gradually showing its shape.
Three years ago all we were expecting to mass adopt Bitcoin was a damn ETF. Who's talking about ETFs anymore when you have VISA and Mastercard getting involved in crypto? The Bitcoin total market capitalization is eating large companies one by one and probably by the next bull cycle, physical gold will be eaten as well.
Just read a few minutes ago that 2 in 5 Americans are to invest stimulus checks into Bitcoin. That's some over 20 billion dollars worth of stimmy money that will enter the crypto market. All of that while Tone Vays is calling for a massive correction and all sort of crappy media outlets are already pointing towards a top for BTC and a bear market ahead. Yeah, right...
The way I see it crypto is gradually eating a lot of cash and turns it into digital poop 😁. In just one year there have been installed over 10,000 Bitcoin ATMs worldwide. How long do you think it will take until banks will literally replicate VISA and get into crypto? I'd say not too long. My take is that they're already working on that behind the scenes, but not bragging about publicly.
Bitcoin might not be the currency that it was designed by Satoshi Nakamoto but it has definitely paved the road for others more entitled to do so. I don't know if we'll be actually be using stablecoins or CBDCs on a mass scale, but I doubt that in ten years from now money as we know it and the world economy will still be the same. We can definitely thank Bitcoin for that.
We have investment funds, the largest EV company in the world and two of the biggest payments systems already involved in crypto. What's next?...
Thanks for attention,
Adrian