New retail investors in the US may find themselves unable to invest in crypto during the next global bull market. If they don't want to use sites like LocalBitcoins, where they will pay a premium and take the perceived risk involved with trusting some random website's escrow features, they may find that their bank simply won't let them make the transaction.
I say this because currently I have problems buying crypto sometimes. Thankfully I have 2 bank accounts that allow me to ACH and wire funds in to exchanges. But none of my debit cards will work, nor any credit cards. And the credit union where I have a high yield savings account refused to send a bank wire to Coinbase. They called to say they don't send wires to Coinbase, specifically.
So when the floodgates open and many want to rush through, they may find themselves unable to gain access.
Options like Cash App may be crucial, because with it you can deposit funds that will either be sent as USD or used to buy bitcoin, and which it is remains unknown to the banks.
It's all about the fiat on-ramps!
Without more ways for newbies to feel safe enough when trading their fiat for crypto, they just won't participate even once convinced it is an asset class they want to be in on. They'll do something easier (and where they don't get treated like a criminal) instead.
This matters, because it remains the case that Americans hold a lot of the world's wealth. A bull run that happens without middle class Americans is diminished. How much is unknowable, but stands to reason there is a significant effect.
I recall not long ago one of the C-level executives at PayPal had his checking account at Bank of America shut down because he was buying crypto on exchanges. He did nothing illegal. They just considered him an undesirable customer because he made the purchase. You can imagine how much the balances he was holding in that account were being used by the bank to make more money with, so this isn't even just a middle class problem. No matter how valuable you think your account is to your bank, think again.
The banks are threatened by crypto, so they're working to make it impossible for their customers to use bank services (checking, savings, credit accounts) to access it. This makes blended entities like Cash App and Fidelity (which I think still only gives crypto access to some but not all customers) critically important for the entire space's asset price appreciation.
I did finally get one of my credit cards to let me make a small purchase using Crypto.com. The bank denied the charge, but then called me the next day to verify it. They seemed incredulous when I said that yes, the charge was made by me. They gave me a few extra verifying questions to be sure. I was then able to make a small purchase. (Never got Atomic or other mobile wallets to work.)
Every time you reach for a crypto on-ramp and find it works, don't let that make you complacent. That it will continue to work, that it will be there anytime you want, is not at all secure. Have backup plans for yourself, and when people ask you how to buy bitcoin, check first to confirm the way you would recommend still works.