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Luongo: Still Don't Think Bitcoin Is #Winning? You're A Loser!

• https://www.zerohedge.com, by Tom Luongo

This week saw a slew of major announcements which all point in this direction.

Of course the big news was Elon Musk's announcement of Tesla Corp. having a $1.5 billion position in bitcoin.

But that news came on the heels of a lot of other news, like VISA saying it was ready to embrace bitcoin to help banks build crypto-payment and trading services.

VISA-backed debit cards have been around for a while now, like BitPay's offering, but this announcement by VISA is different as it highlights the the futility of fighting the market when the market chooses something better.

And speaking of BitPay the most important announcement of the week, in my opinion, is Apple's allowing BitPay's Mastercard to be added to ApplePay wallets. Google and Samsung are next.

Later in the week MasterCard followed VISA now saying it will allow a handful of cryptocurrencies to flow across its network.

Lest I forget that no less than three major pillars of the banking community gave up fighting the bitcoin wave.

Bank of New York Mellon announced custodial services for its institutional clients. They wouldn't do that if the demand wasn't there.

J.P. Morgan, which has tried no less than four times in as many weeks to create a psychological break of the latest bull wave (H/T Zerohedge),

Morgan Stanley's investment arm is now considering taking a position, directly after buying up a ton of MicroStrategy, which is itself a proxy for bitcoin.

But still there is no 'use-case' in the words of perma-skeptics like the venerable Peter Schiff who is becoming increasingly desperate to make his case while trashing his bona fides as an Austrian-style economic thinker.


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