Whats happening now is merely an extention of what started in 2008. In 08' the banking system was saved by dumping trillions of dollars of QE onto the fire, but what if this time a collapse of the financial system is unable to be averted and instead all the QE and bailouts just leads straight to runaway inflation.
How would bitcoin proliferate during this time?
Most organisations and institutions would need to find alternative methods of accepting payments if credit cards and debit cards stopped working. These companies wouldnt just shut down they would most likely accept bitcoin in a last ditch attempt to stay in business.
Im talking about companies that provide the most fundamental of human needs like food and accomodation. I think we would most likely see supermarkets, fast food restaurants and hotels all offer bitcoin as a payment option very quickly if banks froze up and stopped functioning.
Large hotel conglomerates like marriott, IHG etc would roll out bitcoin payments globally for all their hotels in all countries. All online bookings would be able to be booked with bitcoin.
Large supermarket chains like wholefoods, tesco and carrefour, along with global food enterprises like starbucks and Mcdonalds would also likely roll out bitcoin payments to every store globally.
These large organisations have the capital they need to roll out such a large scale global payments overhaul in an emergency manner very quickly. All it would take is some corporate partnerships with large bitcoin payment processors and exchages that help them manage their expenses and payroll while accepting bitcoin.
Then once smaller companies and businesses see this they too will make the switch and figure out how to offer bitcoin payments as a way to mitigate lost sales due to rolling bank failures.
This happening sounds far fetched but organisations know how to act quickly in order to stay in business and maintain the ability to accept payments, especially if that business is a hotel or airline that essentially only accepts online payments and online bookings.
I personally think its highly likely large hotel conglomerates become the first big institutions to roll out bitcoin payments globally.
Unfortunately there still seems to be a lack of bitcoin infrastructure and a lack of turn key solutions for these enterprises to use. But during a full blown banking crisis existing fiat service providers and payments processors may pivot to offering bitcoin payments for their client base.
If all banks froze up tomorrow how long would it take for large conglomerates to start offering payments in bitcoin?
submitted by /u/slvbtc