First they ignore you. Then they laugh at you. Then they fight you. Then you win. - Ghandi
Fold app has been around at least 5 years. I can say this because I told people about it in the very first Cryptoversity course I published in 2015.
Now though (according to this Forbes contributor) VISA have accepted Fold into the VISA Fintech Fast Track Program.
Imagine getting as much as 10% of your credit card purchases as cashback in Bitcoin.
Buying Pressure
The more volume that goes through rewards programs like this the more consistent buying demand there will be for Bitcoin.
The Forbes article does mention that right now people are more interested in acquiring Bitcoin than they are in spending it.
This puts Bitcoin more in the realm of digital Gold as a store of value type of use case.
My Orange Juice Model
As a student of Cryptoversity you may recognise how this is contributing to what I describe in my orange juice model:
Every time someone makes a purchase with Fold, big fiat orange gets squeezed and juice flows into little crypto orange.
Fiat orange gets a bit smaller, crypto orange gets a bit bigger. One day they will equalise.
Bitcoin Doesn't Expire
Bitcoin is an attractive option as a rewards token because they do not expire like air miles and they are easily traded with lots of liquidity.
It also means there is no need for a dedicated system to keep track of customer rewards. You just give them the Bitcoin and you are done.
But VISA Though?
Go to the Fold app website and watch their latest promo video.
Fold puts you in control, not the banks
Really?
And VISA are OK partnering with a company with a marketing message like that?
They must be.
Have We Turned A Corner?
Which part of the Ghandi quote are we at do you think?
Have they stopped fighting Bitcoin and cryptocurrencies?
I've long held the view that companies will change their behavior based on consumer demand. Consumers forget that they ultimately have all the power since they make the purchasing decisions.
So it's consumers that ultimately determine which companies get their money.
If customers in large numbers began flocking to Bitcoin oriented rewards services, you either try and beat 'em or join 'em.
Your Views
This isn't the first Bitcoin rewards / cashback service. See Lolli for example.
If we get to a situation where these services are competing with each other, it will no longer be a question of whether to use one, it will be a case of which one.
What do you think to this news about Fold joining the VISA Fintech Fast Track program?
Do you currently use any kind of crypto debit or rewards card?
Please let me know in the comments below.
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