“Why would I ever buy coffee with bitcoin? But it could eventually happen, as ludicrous as it may sound”.
Therefore, Visa, PayPal and Mastercard should keep an eye on bitcoin because it could lead to the end of traditional payment systems.
“Cryptocurrency systems (e.g. bitcoin, ethereum, ripple) are potentially disruptive to private payment systems. 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”
For this very reason, again during the Bloomberg interview, Ellis suggests:
“banks and payments processors could offset this risk by adopting crypto and blockchain technologies“.
Hence, the giants of the payment system should keep up to date and adopt new technologies, otherwise, they could disappear.
JP Morgan knows this well, that’s why they recently created a blockchain team and developed the JPM Coin, with the aim of starting to use crypto at least within the banking system itself in order to speed up transactions and cut costs.