Stripe is Bearish on Bitcoin, but Co-Founder John Collison is Hype for Crypto’s Future
Bitcoin (BTC) as a payment method might be a lost cause in the eyes of Stripe, at least for now, but it's co-founder still sees potential in the currency.
Stripe president still supports crypto industry
John Collison, the co-founder and president of Stripe, stated recently that the company has given up on adopting BTC as a payment option. Even so, things may still change in the future, as he sees potential in cryptocurrencies. In fact, he believes that the day will come when cryptos will be an official method of payment, especially outside of the US.
He stated that the long term potential of cryptos as payment methods still exists and that he's still excited for it. The real potential for this technology lies outside of the United States, he said during an interview at Recode's Code Commerce conference. This is due to the fact that payment infrastructures outside of the US are not that well established, which leaves room for changes such as implementing cryptos.
Of course, there are numerous countries where this is not the case, but there are also many “far-flung” countries where offering easy APIs would be accepted much better.
BTC has frustrated Stripe one too many times
Stripe has been frustrated with BTC a lot, which is not something that it tried to hide in the past. Its price fluctuations were an especially big problem for the company.
Collinson himself mentioned this fact during the conference on Monday, hen he said that processing BTC payments was a difficult and long-lasting process. Not only that, but the price swings made it even more difficult, especially for retailers. Sometimes, he says, the prices would move dramatically in the middle of the transaction.
Even with all of these Bitcoin issues, he still claims that the company may return to processing other cryptos when the time is right. The frustrations with Bitcoin are just that — frustrations with Bitcoin. The company is willing to give other coins a chance, which it will do when it's ready to travel down that path again.
The proof of this can even be seen in Stripe's separate public display of support towards the crypto industry. An obvious example is the fact that the company provided funds for the growth and further development of the Stellar network.
According to Collison, the future of digital currencies is still undetermined. With an attitude like that, it is obvious why the company is not yet ready or willing to say farewell to this industry just yet. And, while Bitcoin will likely remain troublesome crypto for a good, long while yet, there are many altcoins that may prove to be a better choice for Stripe.