David Armano, a Forbes contributor, is nicely outlining the similarities of the vehicle and payment industries. And he claims that crypto is the electric car in this image.
[…] Perhaps an apt comparison to cryptocurrency is electric vehicles. We’ve had the technology since the 1980s to produce a quality electric vehicle but didn’t have the industry appetite to change the system or infrastructure. Companies were making money, people were buying cars, hence no change was demanded. Tesla disrupted just enough, sales of new gas-powered vehicles dipped just enough and car companies knew a change was necessary to gain market share in a new category or become Blockbuster. Giants like Ford, GM, Volkswagen, and others almost exclusively advertise their new and upcoming fleet of electric vehicles.
There may need to be a similar event for cryptocurrency. Right now, built off the massive success of pandemic Robinhood traders, Bitcoin and other cryptocurrency are functioning as a stock. People are making or losing money on its fluctuation but it can’t be used easily across retailers or online. Someone walking into a Walmart or buying something at Banana Republic isn’t using it, yet. It’s coming. It’s inevitable, just like electric vehicles.
Read the whole Forbes article here: https://www.forbes.com/sites/davidarmano/2021/12/15/the-end-of-cash-the-rise-of-crypto-and-the-future-of-payments/
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