How Using Bitcoin to Pay for Food & Coffee Would Play a Huge Role in the Next Bull Market
- Bitcoin Adoption skyrocketing: After Starbucks, WholeFoods, now accepted at AT&T
- This means marketing exposure that adds to the “Bitcoin SoV borg effect”AT&T, American cell network operator has become the latest one to accept Bitcoin as an online payment option, which has been made possible by BitPay.
Becoming the first major US mobile carrier to offer cryptocurrency payment options to customers, the company would allow customers to pay their bills online.
In its press release, Kevin McDorman, the vice president of the AT&T’s business operations said,
“We’re always looking for ways to improve and expand our services… We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”
However, as they will be using BitPay to process the payments, they will simply be receiving dollars and no one will be any wiser.
Earlier last week, Bitcoin gained immense adoption when the Winklevoss owned digital currency company, Gemini partnered with Flex, a payments startup to start a retail initiative. Per this, big-name retailers like Amazon-owned Whole Foods, Starbucks among others started accepting Bitcoin among other digital assets.
Multi-award winning Swiss online retailer Digitec Galaxus AG and Avnet, a Phoenix-based electronic components supplier are also the retailers that are accepting Bitcoin.
But, given the fact that Bitcoin is very volatile in nature and is expected to skyrocket in value just like it did in its previous bull cycle, going to $20,000, it is unlikely that people would use their Bitcoin to pay for coffee or food, at least not many.
Few people are actually going to do this- they’ll just spend USD. Bc you spend soft money and hoard hard money. And BTC is the hardest money in human history.
But cool to see nevertheless 😉
— Travis Kling (@Travis_Kling) May 23, 2019
The majority who own Bitcoin won’t be spending them but the mainstream adoption like these will also work in favor of Bitcoin’s value as analyst Willy Woo explains,
“For every person who pays a few bucks with BTC, which produces sell pressure on the market, thousands more will see it and consider buying a few thousand dollars of BTC as investment.”
A heightened awareness would definitely be the result of these adoptions, playing a role in the next bull market.
“$5 of sell pressure meets $1000s of dollars of buy pressure. Timed for the bull market no less,”
As succinctly put by Woo, Bitcoin payments accepted by large mainstream retailers means marketing exposure and that adds to the “Bitcoin SoV borg effect.” And in order to be a currency, Bitcoin first must be an SoV borg.
Now that we are all Bitcoin Maximalists, we need to take it to the next step and get rid of the confusion surrounding the monetary evolution of Bitcoin: pic.twitter.com/fwh8Ehsjw9
— Murad Mahmudov 🚀 (@MustStopMurad) July 25, 2018