Banks Squander Opportunity in Bitcoin

peoples trust toronto
By Jon Matonis
American Banker
Monday, November 18, 2013

It wasn’t that long ago banks made the pitch, “Think of it as Money.”

It was captured for eternity on the walls of the Atlanta-Fulton County Stadium where Henry “Hank” Aaron surpassed Babe Ruth’s all-time record of 714 home runs. This was just 39 years ago.

Banks led the evolutionary shift from cash to card payment networks. Visa (V) originated from the BankAmericard project launched in 1956 for a general-purpose credit card. By 1975, Bank of America (BAC) had given up control of the BankAmericard program and Visa founder and former CEO Dee Hock assumed the reins. In true startup fashion, the bank-owned card brands of Visa and MasterCard (MA) eventually had successful IPOs. The inspiration is clearly there.

Where are the visionaries in banking now?

Today, banks are often thought of as the dinosaurs of financial…

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