Last updated on July 17th, 2013 at 04:30 pm
Cryptocurrency is changing our world, even the credit card companies have to recognize it, since Bitcoin is “stealing” some profits from them. But there’s a group that’s really excited about the potential of virtual currency: the Credit Union executives.
According to Carol Van Cleef, from the Washington DC-based law firm Patton Boggs, what’s exciting about cryptocurrency is that “it is a movement towards frictionless payments. Bitcoin is a cash equivalent”. And these executives have already realised the amazing possibilities about offering Bitcoin-denominated accounts. At least, they know that it “would be a terrific PR stunt”, says Stephen Fraga, CEO of a San Francisco computer training company and also a Bitcoin owner.
“This currency may become a serious disrupter that could destabilize credit unions and banks”, states Ari Zoldan, CEO of Quantum Media Holdings, located in New York. However, “whether Bitcoin comes to fruition is yet to be seen”, the Bitcoin expert adds.
For the Credit Union executives, the main problem about Bitcoin is, most probably, its volatility, which is the first big issue Bitcoin has to overtake to gain credibility.