A LinkedIn post from someone oblivious to what Bitcoin can actually do.

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Did you catch me on TV last night? Neither did I. I recorded a segment on the #Visa/#Mastercard settlement for ABC News. Not surprisingly, they haven't used anything I said.

Why "not surprisingly"? Because my comments didn't fit with their narrative.

On GMA and other ABC news shows today, the network is telling its audience that interchange savings are "usually passed on to consumers."

Interestingly, in the graphic developed for one segment (see below), ABC said the savings "could" be passed down which is, of course, technically correct.

I told ABC in my interview that--similar to the original Durbin Amendment in 2010, where consumers didn't see any benefits from the reduction in interchange--consumers were very unlikely to see any drop in prices as a result of the V/MC settlement.

Also not surprisingly, the network has made no mention in its coverage of the potentially negative impact on consumers' rewards and points, and no mention of the impact of "tender steering."

Dear banks, credit unions, payment companies, and pretty much everybody else in the financial services industry: You are losing the PR battle. You are getting painted by the press and government as the "enemy" or the "bad guy."

And nobody is buying the "fintechs are the saviors" story (which, thankfully, isn't as popular a pitch as it was ~5 years ago).

My colleague Sam Kilmer texted me (and a few other colleagues) this morning saying we need to get in front of this and offer advice to financial institutions on what to do.

I don't have any great solutions to this. What do y'all think banks and credit unions should do?