Investors should not ignore cryptocurrencies’ threat to incumbent payment services like Visa, Mastercard, and PayPal, according to Lisa Ellis. In a note to clients, the MoffetNathanson analyst said that emerging use-cases could pose an existential crisis in the future.
As Ludicrous As It May Sound
“Why would I ever buy coffee with bitcoin?” asked Ellis, before ensuring her clients that it is a distinct future possibility, “as ludicrous as it may sound.”
Though it may sound “ludicrous” to Ellis’ investors, the concept is fairly standard in cryptocurrency circles. In fact, work is well underway to make it happen — despite Ellis’ assurance that it is unlikely to occur soon.
As Bitcoinist recently reported, noted Bitcoin bull Tim Draper thinks everybody will be doing it in just two years time. Except him, of course, as he doesn’t intend to spend or sell any.
Furthermore, Starbucks has apparently received ‘significant’ equity in Bitcoin futures platform, Bakkt, to accept in-store bitcoin payments this…