An analyst at research firm MoffetNathanson has claimed that Bitcoin is no more than a minor threat to established methods of payment such as Visa and Mastercard.
Lisa Ellis, working for the researchers who cover the media and internet retail sectors, suggested that speed of transaction delivery will remain Bitcoin’s main hurdle to becoming a challenger in the industry. It is a concern of some of the world’s largest retailers.
Ellis, an outspoken critic of Bitcoin, said that so long as Visa and Mastercard were available, she wouldn’t even buy a cup of coffee with Bitcoin. She saw little sense in casting any preference in using cryptocurrencies over more traditional payment methods such as cash, credit or electronic payment. She appears to leave the door open for possibilities, however, acknowledging that the day Bitcoin would be used as a mainstream payment method may lie in the future.
However, one important factor overlooked by the MoffetNathanson analyst is the excessive fees charged by credit card companies, which is driving some companies to reconsider their options. Rumors that the supermarket giant Kruger might be considering Bitcoin as an alternative payment method have been backed up by comments made by Morgan Creek recently. The company’s partner, Anthony Pompliano, recently announced that he had spoken to a Kroger Digital representative regarding adding crypto payments as an alternative to Visa, after Kruger ditched the credit card giant due to excessive fees.
In reality, Bitcoin and other cryptocurrencies’ value have rarely reflected their use in terms of market position. Usage is well documented as being in the ascendancy moving forward, and Bitcoin is now recognized as a store of value by intuitional investors with interest mounting elsewhere in futures contracts after both CME and CBOE exchanges began offering Bitcoin futures in 2018.
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