Another financial analyst has concluded that the future of money is in crypto. MoffetNathanson analyst Lisa Ellis has informed her clients that cryptocurrencies should not be ignored, reports Bloomberg.
She doesn’t think it’s going to happen right away, but she advised that if a crypto, such as Bitcoin SV (BSV) becomes a globally accepted, unbranded currency, the existing kings of payment processors, Visa, Mastercard and Paypal, will be threatened.
“Cryptocurrency systems (e.g., Bitcoin, Ethereum, Ripple) are potentially disruptive to private payment systems,” Ellis wrote. “Their core design characteristics—which are aimed at enabling ‘freedom of money’—are in direct contrast to the characteristics of most traditional, private payment systems.”
That last part is particularly telling. That she contrasts the idea of “freedom of money” against the traditional systems tells you just how important it is that the world adopt a superior payment method, like Bitcoin SV. It doesn’t arbitrarily restrict your ability to send payments, or impose unnecessary fees on your transactions.
The proof that cryptocurrencies are inevitable can be seen in high-inflation economies, like Venezuela, Ellis notes.
No country is immune to these economic disasters in the long term, and as each country begins to struggle with their own economic problems, proving that government issued fiat is mismanaged by the folly of man, the public will increasingly turn to crypto options to solve their problems.
Ellis’ advice to these traditional players is to get on board, or wait to be cast away. In a best case scenario, Ellis imagines a world where these financial giants adopt cryptocurrency themselves, if they don’t create their own.
Those legacy financial systems haven’t totally bought in just yet. Last month, Paypal CEO Dan Schulman told CNBC that he’s just not seeing merchant adoption for cryptocurrency yet, but finds the technology interesting.
That’s not seeing the big picture. More and more companies are showing their support for BSV, the only crypto following the original vision for Bitcoin, because they see the future in massive on chain scaling and stable business planning. BSV will be the world’s new money and businesses are starting to understand that, even if Schulman doesn’t.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.