9 million USD per month is looking for ways to jump into Bitcoin

[newIndia]

MasterCard, VISA & American Express has blocked BackPage.com to use their service.

BackPage said, they'll shift to Bitcoin.

BackPage ad revenue per month is ~9 million USD.

http://www.cnbc.com/id/102803867

http://www.usatoday.com/story/money/2015/07/01/visa-mastercard-stop-business-with-backpage/29558315/

http://www.washingtonpost.com/news/morning-mix/wp/2015/07/01/mastercard-cuts-ties-with-backpage-com-after-pressure-from-law-enforcement/

[lorylore]

MasterCard, VISA & American Express has blocked BackPage.com to use their service.

BackPage said, they'll shift to Bitcoin.

BackPage ad revenue per month is ~9 million USD.

http://www.cnbc.com/id/102803867

http://www.usatoday.com/story/money/2015/07/01/visa-mastercard-stop-business-with-backpage/29558315/

http://www.washingtonpost.com/news/morning-mix/wp/2015/07/01/mastercard-cuts-ties-with-backpage-com-after-pressure-from-law-enforcement/

Based on this what do you think, bitcoin price will go up or down like today..

[newIndia]

Based on this what do you think, bitcoin price will go up or down like today..

If you try to co-relate bitcoin price immediately with a news, you'll most likely get fooled. In May 31, 2015 Andreas Antonopoulos predicted bitcoin price to tank in June, 2015.

I’m not worried about a bitcoin hard fork.  I expect more panicked bitcoin obituaries will be written this month. Bitcoin is more resillient

Source: https://twitter.com/aantonop/status/605155795538481152

See what happened...

[jorjito25]

In May 31, 2015 Andreas Antonopoulos predicted bitcoin price to tank in June, 2015.

I really do not know why but that phrasing made me laugh out load for real. "May 31", haha...! 

[coinableS]

If there was a sudden influx of 9 million USD added to bitcoin per month that would send the price up significantly.
I think the IF really needs to be repeated. Will the users at backpage start using bitcoin? I think there will be some that do, since they know it's a good source to gain customers but how many actually convert vs finding a new site, 10%, 30%?

[Scamc0p]

Can you correlate this when paypal said they would accept using bitcoin? They never did. But other payment processors have, Neteller comes to mind. And I rather use them anytime over paypal.

[achow101]

Backpage could lose a lot of business. I'm sure that a lot of those $9 million come from credit card payments for their services. It wouldn't necessarily drive up the price either, it would mean that there might be more transaction volume, but I don't think many of their customers who pay with credit card would switch to Bitcoin.

[jonald_fyookball]

good.  let visa continue with their stupid nanny attitude.  helps exposure to Bitcoin.

[TheButterZone]

BackPage is still around? I gave up trying to sell my stuff on that site years ago.

[Kprawn]

This will not have a immediate impact, until 100% of their current user base converted to Bitcoin. In all reality that will not happen.

Let's not ignore the reason why they stopped providing this service to them --> sex-trafficking & child prostitution allegations. Do we really want to step up and support something like that, if it's true?

Bitcoin already have a cloudy history, let's not give them more gas to flame the fire. 

[NorrisK]

It will probably only add volume as it gets converted to fiat right away, just as with other businesses..

[tiggytomb]

If that amount came in each monh the price would move upward.  As with all things lets see what happens IF it happens

[BayAreaCoins]

BackPage is still around? I gave up trying to sell my stuff on that site years ago.

I've never tried listing anything over there.

I think its a pretty large hub for prostitution.

[TheButterZone]

BackPage is still around? I gave up trying to sell my stuff on that site years ago.

I've never tried listing anything over there.

I think its a pretty large hub for prostitution.

Maybe I should go back there and append "if you buy this item I will let your cock meet my pussy" to my ads.

And then get frustrated when they don't bring a rooster to meet a cat.

[Amph]

Based on this what do you think, bitcoin price will go up or down like today..

If you try to co-relate bitcoin price immediately with a news, you'll most likely get fooled. In May 31, 2015 Andreas Antonopoulos predicted bitcoin price to tank in June, 2015.

I’m not worried about a bitcoin hard fork.  I expect more panicked bitcoin obituaries will be written this month. Bitcoin is more resillient

Source: https://twitter.com/aantonop/status/605155795538481152

See what happened...

well he was right at least partially, we tanked a bit due to the TX fud, but now we are stronger than before

all the old good news are bit pumping the price right now, so with this new investments in bitcoin, you can expect a delay of 1-2 months before it will impact the market

[LFC_Bitcoin]

MasterCard, VISA & American Express has blocked BackPage.com to use their service.

BackPage said, they'll shift to Bitcoin.

BackPage ad revenue per month is ~9 million USD.

http://www.cnbc.com/id/102803867

http://www.usatoday.com/story/money/2015/07/01/visa-mastercard-stop-business-with-backpage/29558315/

http://www.washingtonpost.com/news/morning-mix/wp/2015/07/01/mastercard-cuts-ties-with-backpage-com-after-pressure-from-law-enforcement/

Hmmmm, every bit of good publicity for BTC is obviously great & I'll gladly take every bit of positive news as opposed to all the negative crap over the past year but I'm unsure on a couple of things regarding this story -

1.) If they'll even use BTC, loads of companies have said positive things but their ideas/statements never come to fruition.
2.) Even if they do switch to BTC I'm unsure if it'll do the price any good as they'll most likely dump everything back into fiat through a company like Bitpay. If they kept even 5% of money received as BTC then that'd be very positive.

[RappelzReborn]

Greece , and now this
I guess the price will go UP for sure in the next couple of weeks. I just hope it will stay rising till the next year so on the halving block reward it will be even better and better

[Alley]

Assuming the site doesn't shut down this could bring alot of new users to bitcoin.  Even if there income drops by half thats still $150,000 a day in bitcoin volume going into the site.  Even if its all convirted to fiat thats still a constant supply of bitcoin that will be off the exchanges.  And most people will buy more then what they immidiatly need. 

[RocketSingh]

2.) Even if they do switch to BTC I'm unsure if it'll do the price any good as they'll most likely dump everything back into fiat through a company like Bitpay. If they kept even 5% of money received as BTC then that'd be very positive.

BitPay does not dump bitcoin... They give it to their FIAT investors to HODL

https://www.youtube.com/watch?v=z8sNiawoG8o

[BillyBobZorton]

Based on this what do you think, bitcoin price will go up or down like today..

If you try to co-relate bitcoin price immediately with a news, you'll most likely get fooled. In May 31, 2015 Andreas Antonopoulos predicted bitcoin price to tank in June, 2015.

I’m not worried about a bitcoin hard fork.  I expect more panicked bitcoin obituaries will be written this month. Bitcoin is more resillient

Source: https://twitter.com/aantonop/status/605155795538481152

See what happened...

Speculations beside, this is great news. It doesn't matter if news like this translate into the price or not. If 9 million USD are coming in monthly we'll see it sooner or later. Remember that BTC markets are manipulated just like any other market, but once the good news stack up way too much the whales cannot keep the price down anymore to keep buying low.