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- Square Bitcoin a ‘big test’ of BTC’s future as payments network with $300 million profit upside, says Mizuho
Square Bitcoin a ‘big test’ of BTC’s future as payments network with $300 million profit upside, says Mizuho
Square’s audacious move to let U. S.merchants accept Bitcoin with zero fees until 2027 isn’t just another corporate crypto pilot; it’s a direct shot across the bow of the entire financial establishment, a $300 million profit upside that Mizuho analysts correctly identify as a 'big test' for BTC’s future as a legitimate payments network. For years, the Bitcoin maximalist’s creed has been simple: number go up, store of value, digital gold.The narrative was safe, comfortable, and largely insulated from the messy, day-to-day reality of buying coffee. But this? This is different.This is Bitcoin getting its hands dirty. This is the network being forced to prove its foundational promise—to be peer-to-peer electronic cash, just as Satoshi Nakamoto intended in that 2008 whitepaper.The legacy payments racket, dominated by Visa and Mastercard with their 2-3% vig on every transaction, has been a tax on commerce for decades, a toll paid by every business and ultimately passed on to you, the consumer. Square, under the unapologetically pro-Bitcoin Jack Dorsey, is now effectively subsidizing a mass-scale experiment to see if Bitcoin can finally cut out the middleman.The Mizuho analysis is conservative, almost timid, in its assessment of the profit potential. They see the upside in onboarding fees and the float, but they’re missing the tectonic shift.The real profit isn't just in the $300 million; it's in building the rails for a new financial system. If this works, if merchants see a surge in customer adoption and save millions in fees, the floodgates open.We’re not talking about a niche for crypto-bros anymore; we’re talking about your local butcher, your plumber, your favorite online boutique settling invoices on a decentralized, global, censorship-resistant network. The regulatory sharks are already circling, of course.The SEC, the Fed, they see this as a threat to their monetary sovereignty. They will throw up every roadblock imaginable, from money transmission licenses to capital gains tax nightmares for everyday spending.But that’s the beauty of Bitcoin—it doesn’t ask for permission. The Lightning Network, while still a bit clunky for the average user, is the silent engine making this possible, enabling near-instant, virtually free settlements that make Visa’s infrastructure look like a horse and cart.This is the ultimate stress test. Can the Bitcoin network handle the throughput? Will volatility scare off merchants who don’t want to see their profit margins evaporate in a 10% price swing between a sale and settlement? These are the hard questions that the 'number go up' crowd prefers to ignore.But they must be answered. The altcoin pretenders—Ethereum with its gas fee rollercoaster, the thousand shitcoins vying for attention—they don’t have the security, the decentralization, or the brand recognition to pull this off.This is Bitcoin’s fight to win or lose. If it fails, the 'digital gold' narrative will be its gilded cage, a valuable but functionally limited asset.If it succeeds, it becomes the bedrock of a new economic paradigm, and Square will have been the catalyst that forced the world to take Bitcoin seriously not just as an asset, but as a network. The next three years will be the most consequential in Bitcoin’s history since the 2017 bull run, and the entire financial world is watching.
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