In 1918 Nicholas Klein addressed the Amalgamated Clothing Workers of America in Baltimore with a quote that best describes Bitcoin’s current journey to mainstream adoption. He said,
“And, my friends, in this story you have a history of this entire movement. First, they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you.”
No one is building monuments to Bitcoin yet, because those who initiate such projects are busy attacking and looking for ways to ban and burn Bitcoin.
Congressman Bradley Sherman, for instance, has proposed a bill that seeks to outlaw crypto trading in the U.S. He called on Congress to “nip this in the bud,” which apparently, is not the first opposing stance the congressman has taken against digital currencies.
Sherman reasoned that “… an awful lot of our global power comes from the fact that the Dollar is the standard unit of international finance and transactions. Clearing through the New York Fed is critical for major oil transactions.”
Well, Bitcoin Will Nip Global Economy Manipulation in The Bud
Sherman goes on to add that “… it is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have on Iran, for example, would become irrelevant.”
In those few words, Mr. Sherman illustrates to the Congress why Bitcoin has such utility and actual value and why its mass adoption has become unstoppable. The manipulation of global politics via the Dollar is something crypto is going to make a thing of the past.
Elsewhere the Winklevoss twins’ Gemini and Flexa a startup focused on payments are in a partnership that could open wide the doors of crypto use in mainstream commerce. Flexa’s crypto app Spedn has been integrated into the payment scanners of big-name retailers such as Barrel, Crate, Whole Foods and Nordstrom.
In a statement, Flexa CEO Tyler Spalding said:
“This is the first real instance of decentralized global retail payments, with the power to make commerce more efficient and accessible for billions of citizens globally. The legacy payment systems are complicated and costly. This solution provides a way for cryptocurrencies to solve these problems and allow merchants to conduct inexpensive and fraud-resistant transactions.”
This will help crypto owners to pay for goods using Bitcoin, Ethereum, Bitcoin Cash or Gemini Dollar. The real-time payment interface will pay merchants in fiat or crypto as per their choice. Thanks to Flexa’s ecosystem, merchants will no longer have to worry about real-time transaction clearances that once hampered crypto purchases.
Legacy Financial Institutions Massive Moves for Bitcoin
Bitcoin prices are still on the rise, with their value now at 8,106. As more institutional investors set their sights on Bitcoin, the bull run of the season might be on. Massive Wall Street Wheeler-dealer Intercontinental Exchange application to the U.S. Commodity Futures Trading Commission (CFTC) for their Bitcoin Futures approval looks imminent as “User acceptance testing for Bitcoin futures custody and trading planned for July.”
Bakkt’s operations have been hampered by a multitude of regulatory hurdles, but the firm has its eyes now set on July as its launch date. Giant financial services firm Fidelity Investment’s crypto trading platform is also in the pipeline. The platform is expected to be rolled out “within a few weeks” sources say. Fidelity’s platform is eyeing institutional investors interested in Bitcoin investments.