More Competition in Crypto-to-Fiat Arena Good News for Cryptocurrency InvestorsRyan Tucker
Mass adoption of cryptocurrencies is one of the keys to future price growth. As long as cryptocurrencies remain the domain of technophiles or are accepted as payment only by a handful of companies, their future will be insecure. But thanks to numerous entrepreneurs, reaching out to encourage mass adoption is becoming more and more common.
One of the important things to increasing the adoption of any new currency is making sure that those who hold the currency don’t feel like they’re going to be left holding something worthless. They want to know that the currency they hold can be used to buy something else, or that other people value it enough to take it off their hands. This is where technologies that increase the ability to convert cryptocurrencies to and from fiat currency come in handy.
One recent development that has helped spur adoption of cryptocurrencies and improve their use by consumers is the creation of cryptocurrency debit cards. These allow consumers to link cryptocurrency accounts to a debit card and use their cryptocurrencies at any place the debit cards are accepted. US exchange Coinbase is one of the best-known companies to issue Visa-branded cryptocurrency debit cards, although its issuance and usage is limited mainly to Europe. But now a new competitor, the MCO Visa card, is entering the fray.
The MCO Visa has been available in the US since mid-2019, and now is making its way to Europe. And the more competition there is, the more likely it is that people will adopt this new way of paying for goods and services with cryptocurrencies. That will increase demand for cryptocurrencies, which should result in higher prices in the future.
Most people probably didn’t even realize that crypto debit cards were available in the US already. But as word of these new cards becomes more widespread, and as more people become aware of the benefits of paying for goods and services with cryptocurrencies that become more valuable and gain purchasing power over time versus fiat currencies that lose value and purchasing power to inflation, cryptocurrency demand will increase, and so should cryptocurrency values. For those who’ve chosen to invest in cryptocurrencies for the long haul, that should make them very happy.