Quote from: Juggy777 on June 22, 2019, 02:34:33 AM

Quote from: Baofeng on June 21, 2019, 02:13:19 PM

Quote

Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has more to gain than anybody from the booming trend of non-cash transactions.

We want a cashless society, Moynihan, who heads up the second largest U.S. bank, told attendees at Fortunes Brainstorm Finance conference.

He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.

The banking sector has already digitized, Moynihan said on Wednesday. The business has moved digitally and it will continue to move that way. Its just figuring out how to add the value.

https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html

Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.

The CEO of Bank of America is advocating for a cashless society, but how will he support bitcoins and other cryptos as theyre not legal yet. Its not just BAC all banks have realised they need to support cryptos in the long run, and find a way to monetise them. What I think may happen is each bank will act like a exchange, and charge withdrawal and receiving fees and in turn make lots of money.

You know what being cashless society doesn't necessarily need to use bitcoin and that's a hard fact to swallow. Let bitcoin be the gold of digital world meanwhile they can make their own currency just like Libre so that those big boys didn't intervene bitcoin so much.