The popular adult entertainment website Pornhub was dropped by MasterCard and VISA because the website was permitting video uploads depicting minors in sexual situations and women being assaulted. This wasn’t even the first time that Pornhub was dropped by a payments service. Back in 2019, PayPal started blocking payments to Porhub and its performers.
In the same year that PayPal pulled its services, Pornhub started accepting cryptocurrency. This was to broaden payment options and that move is what Pornhub is leaning on now because without VISA and MasterCard the adult website is now only accepting cryptocurrency for its premium services.
Pornhub moving accepting only crypto could have an effect on the value of Bitcoin and other cryptocurrencies.
How could Pornhub affect the value of Bitcoin and other cryptocurrencies?
In Pornhub’s year in review for 2019, the site had 42 billion visits, 115 million visits per day and 6.83 million video uploads. That’s a lot of traffic for a website. But it’s unclear how many people pay for the premium service.
What is clear is that accepting crypto-only, even under the circumstances, could cause a ripple effect in the value of Bitcoin and other cryptos.
Over the last few days, the price of Bitcoin has been on the rise. The main reason behind it is that Wall Street firms have been acquiring vast sums of it. However, Pornhub’s announcement could push the number of people who paid for their services with fiat currency to adopt cryptos.
According to a report by TNW, in 2018 less than 1% of Pornhub users paid for the service using cryptocurrency. If we make the assumption that nothing really changed in 2019 (as well as most of 2020) and with the website in a position where it can only accept crypto. It stands to reason that those customers who still want to access “premium” content will have to adopt Bitcoin and other cryptos if they haven’t already.
On the other hand, this may just force those who are unfamiliar with cryptos to opt for another service. Not many people have the time or incentive to learn a new discipline. The friction that is caused by trying to understand all the crypto options may just force some to abandon Pornhub altogether.
If however there is mass adoption from Pornhub users then this could see an untold number of people seeking cryptos. This will see the demand for Bitcoin rise and its value could see it push past the current high it’s already on.
Cover Image Credit: Forbes
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