Topic: BitInstant Credit Card and Bitcoin Prices - page 2. (Read 3055 times)
Why would you buy bitcoins for a fee so you could sell them for fee? That's ridiculous. Literally throwing money away. The debit cards (not credit) will be for merchant and miners who have bitcoin income and would like an easy way to convert to fiat. The people doing what you mention would be very low because it makes no sense to do that.
Suppose my credit card bill is around $1000 a month. That means if I get a BitInstant Credit Card I will be buying $1000 worth of bitcoins a month.
If 1000 people have the same amount of credit card bills and use the same credit card then that's $100,000 added to the bitcoin economy a month. That's $1,200,000 a year. Imagine if 10,000 use the card or 100,000. That's a lot of money.
Could this make the price of bitcoin skyrocket? Maybe. Bitinstant will probably convert the bitcoins to dollars when a purchase is made.
Most likely, this could further stabilize bitcoin prices but I imagine it may make bitcoin prices go up. I am thinking about loading up a significant amount of bitcoins in preparation for this card. But them coins when its cheap.
If 1000 people have the same amount of credit card bills and use the same credit card then that's $100,000 added to the bitcoin economy a month. That's $1,200,000 a year. Imagine if 10,000 use the card or 100,000. That's a lot of money.
Could this make the price of bitcoin skyrocket? Maybe. Bitinstant will probably convert the bitcoins to dollars when a purchase is made.
Most likely, this could further stabilize bitcoin prices but I imagine it may make bitcoin prices go up. I am thinking about loading up a significant amount of bitcoins in preparation for this card. But them coins when its cheap.
Jump to: