Analyst says crypto "potentially disruptive" to systems like Visa, PayPal

28 Feb, 2019
by David Borman
News
Analyst says crypto potentially disruptive to systems like Visa, PayPal

Recently Bloomberg ran an article which explored the assertation from MoffettNathanson analyst Lisa Ellis that though they aren't ready yet, cryptocurrencies like Bitcoin or Ripple could eventually disrupt major legacy payment systems like Visa, Mastercard and Paypal.

In a note to clients, the prominent analyst stated that it is not inconceivable that one day cryptocurrencies could rival and surpass major private companies that the general populace currently use to move money globally.

She is quoted in Bloomberg:

"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."

Read more: JPM Coin "could one day be consumer", says Jamie Dimon

She goes on to say that unless these legacy companies embrace digital asset technology, they stand to be surpassed by the new systems. She mentions projects like Ripple and Veem for being particularly well suited to this type of endeavor.

She still concedes this existential threat is a ways away, and this is more of an observation than a dire warning.

Will crypto go on to fulfill its own dream of overthrowing the current payment processing systems and banks? Stick with Chepicap for any and all updates on the global economic revolution!

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