[yc1010]

While Bitcoin use is currently small the actual concept of a working "electronic cash" that negates the need for the credit card network with the use of cryptography and maths must be a serious threat to Visa/Mastercard since it provides yet another alternative to their duopoly when it comes to commerce. No wonder they do everything in their power to spread fud about bitcoin, seed doubt and make life difficult for cryptotechnology related startups. Some banks (especially in UK) are in a similar boat.

Somewhat how traditional car companies were schizophrenic when it came to electric cars and have done everything to kill them despite posing little threat being such a small market until Tesla came along at shown that electric cars are 1) better in many ways and 2) actually profitable