As the mainstream U.S. financial press is busy today once again spreading fear about Bitcoin, boldly proclaiming there’s a “decent probability that it goes to zero,” another milestone has been achieved that strongly suggest cryptocurrency is the future of finance.
Last week we reported that for the very first time a bank used Bitcoin for cross-border payments and completely bypass SWIFT, the Society for Worldwide Interbank Financial Telecommunication. The vast majority of international interbank transfers use the SWIFT system, thus for a German bank to completely bypass the traditional system and use Bitcoin for cross border payments was quite a milestone for the mainstream adoption of Bitcoin.
That was last week.
This week a second financial institution has announced it will now provide cross-border payments using Bitcoin, also bypassing SWIFT. Argentina’s Banco Masventas became the second bank to do so.
One bank using Bitcoin for an international money transfer could be considered a novelty. Two banks doing so, one in Europe and one in South America, could very well be the start of a trend.
At this rate, we fully anticipate reporting on the third bank to do so in the next week or two.
As to the the fear mongering that Bitcoin could potentially go to zero, well, an asteroid could hit Earth tomorrow and break the planet into multiple pieces. We feel the odds of each are about the same.