Despite early enthusiasm, industry experts don’t believe Bitcoin will help solve the marijuana industry’s banking problem
It is no secret that legitimate businesses in the legal cannabis industry are mostly unable to access the financial services that typical businesses are able to. With the publicity that this issue has had, many people have stepped forward to say they have the solution. For a long time, advocates of Bitcoin had said that the well known cryptocurrency was well suited to solve the problems the cannabis industry was having.
Gavin Andresen, chief scientist for the Bitcoin Foundation, has been vocal on this issue, stating that the “legal marijuana industries could possibly be one of the big industries for bitcoin, it gives marijuana growers a way of charging customers that doesn’t involve cash.”
However, several marijuana industry experts have refuted this claim, and re-stated the dire need for banking and payment processing services in the industry. Robert McVay, an attorney with the Canna Law Group stated:
It does not make much sense for marijuana businesses. Its primary difficulties stem from its low adoption rate.
Low adoption rates by comsumers aren’t the only problems that Bitcoin faces to be a viable option for businesses. The currency’s value is extremely volatile, and doesn’t provide business owners with a reliable way to store their revenues. Sean Green, and owner of several dispernsaries in Spokane WA, spoke to this point in an interview with Forbes:
If it were a secure place to keep our money and the value was consistent, I would hold onto Bitcoin, but that’s not the case.