VISA and US banks are bullish on Bitcoin (Internet 3.0)
Huge news this week: yesterday we have the US regulators gave the green light for the banks to hold Bitcoin custody for their clients, meaning apart from storing your digital cash in the bank, you can now also store your cryptocurrencies.
Smart move 😎, seeing how company like Square/cash app is slowly taking away the banking business by adding payment & lending services to their clients, also with the whole DeFi boom, the banks are not stupid, they want a piece of this trend too.
Breaking news for today 😮
If Visa can’t beat them? They join them.
What does it means for us? 🤔
It means that soon we will be able to store our Bitcoin in the bank, and spend it with your Visa cards. People now have a choice to choose which currencies they would like to hold, spend, use and invest.
This will reach out to billions of people around the world who may not want to be their own bank, who may prefer to give control to a third party to hold their savings for them, who may not have time to learn about how to store it themselves safely, or who may not be very tech savvy & have trust in the banks.
Which is the majority of people living in the modern world.
I know it might not be aligned with what the creator of Bitcoin — Satoshi’s vision, he wanted to fight against the banks and give powers back to the people, but sometimes it maybe a necessary step to move Bitcoin towards mainstream adoption.
Perhaps people argue that Bitcoin is worthless or not real because it has no real use case, (which it has, thousands of new startups are building their businesses on top of the blockchain technology) but I think most people say “real use case” here is that:
“If I can’t use Bitcoin to buy coffee than it’s useless.”.
Well, you actually can, plenty of coffee shops accept Bitcoin, I know one in Queensland airport has the payment structure in places.
Even my wedding photography company accepted Bitcoin for our services.
VISA is trying to bridge that gap to make Bitcoin one step closer to mass adoption.
Technology is speeding up faster and faster, developing non-stop behind the scene during this pandemic when people maybe focusing on the covid news and don’t have time to follow crypto news.
Before we know it, blockchain could be everywhere like how the Smartphones just appeared one day.
Iphone has been around for less than 2 decades, some people said they can’t even be living without one. Smartphone detox movement is now a thing because people are addicted to it. Kids are growing up with smartphones / tablets, and can not imagine our world without it.
One day in 2028 we may wake up and goes: “Geez… How did we survive without blockchain and cryptocurrencies?”