Crypto adoption has reached monumental levels this past year. Payment processing firms like PayPal Holdings, Inc. (Nasdaq: PYPL) and Square Inc. (NYSE: SQ) have announced they will be accepting Bitcoin (BTC, Tech/Adoption Grade “A-”), and credit card giant Visa Inc. (NYSE: V) revealed its plans to accept stablecoins as payment.
While these businesses are crypto-enabled, they aren’t crypto-exclusive.
Weiss crypto analyst Alex Benfield explains the difference in this week’s Weiss Sunday Special: “A crypto-only business is one that's operating solely on the basis of cryptocurrency as opposed to running their bottom line and reserve currency like the U.S. dollar.”
Most businesses that accept crypto as a payment option now are only crypto-enabled. According to Alex, the lack of infrastructure and adoption is the main reason why:
I don't think the infrastructure is really there for a company to run on only crypto right now. There may be some places where it's a little more possible than others, but there are expenses that you don't really think of right off the bat … and you’ll need a local fiat currency in order to operate.
You need infrastructure adoption first. You need the ability to be a crypto-only business. And so, how does that start? Well, it starts with crypto-enabled businesses. You have to start out with the option to pay in fiat currency or cryptocurrency. And then, once you have a supply chain that's heavily crypto-enabled, it's going to open up the door for some businesses to try out the crypto-only mode.
In this timely interview, Alex details:
• Roadblocks to building out crypto-only business infrastructure;
• What a crypto-only business would realistically look like;
• The future of crypto adoption by governments;
And more!
This 30-minute video covers some of the most pressing topics dealing with the future of cryptocurrencies. I highly recommend you watch it now.
Best,
Beth Canova
Crypto Managing Editor
