Gun Sales: Cryptocurrency’s Killer App?
You likely know about the Parkland, Florida school shooting, and the nearly-inevitable political fallout that followed. As a result, banks are reconsidering their involvement with gun makers and sellers, to the point where some are considering pulling away from those businesses altogether. Waiting in the wings, however, is a new destabilizing element that may come into play: cryptocurrency.
One of the biggest examples of the fallout hitting at the operational level is the First National Bank of Omaha, which is cutting its ties with the NRA following “customer feedback” in that direction. Bank of America is likewise engaging in “discussions” with its various gun manufacturing clients about “…what they can contribute to this shared responsibility.”
The end result is a gun industry increasingly concerned that its payments won’t get processed in either direction, effectively cutting it off from operations of any sort, similar to the issues faced by legal marijuana dispensaries. That’s got some in the industry looking in an unexpected direction: cryptocurrency.
In some cases, cryptocurrency is already being used in some weapons transactions; Central Texas Gunworks who has an entire page on its website devoted to an explanation of how to pay with cryptocurrency. It’s a complex process, but may not deter many users. Central Texas Gunworks now notes that almost half its revenue—45 percent—comes from cryptocurrency.
This is perhaps the most ironic development of all; cryptocurrency has long been used as a medium for illegal online weapons sales, dating back to at least Silk Road’s primacy. Now, we’re actually seeing it come full-circle as a medium for legal online weapons sales. The question is, of course, how far this all goes. If banks and similar companies continue to pull support for the weapons industry, then it’s a safe bet the weapons industry will in like fashion fall back to a platform they can use. Such a process would speed up the mainstreaming of cryptocurrencies and likely inflate the value of most every coin around, especially the majors, which would be the ones most manufacturers would take.
Only time will tell just how this all boils down, but we could be looking at a major new push for cryptocurrency value here thanks to the banks’ negative reactions to guns in general.