Post
Topic
Board Bitcoin Discussion
Re: Why are banks against cryptocurrency?
by
fuguebtc
on 29/05/2024, 09:53:21 UTC
As I said, bitcoin has never had the ability to threaten banks or governments nor was it created by satoshi to create that hatred. Initially, governments and banks were not friendly to bitcoin, simply because bitcoin was a new asset that was highly volatile. They need to be wary of it because they do not know whether it will bring benefits or harm to them and the national economy. But as things gradually become clearer, they feel that it is not as dangerous as they were once wary of, so it is understandable that they gradually become friendly with it. Everything takes time to adapt to, just as many of us were skeptical about bitcoin before trusting it, so why do we think so poorly of banks?

Banks ARE the enemy. They're the main reason why the economy went downhill back in 2008. History repeats itself as one crisis emerges after the other. Satoshi created Bitcoin because of banks' malpractices. He was a cypherpunk with libertarian ideals. Do you think he would've made Bitcoin if the mainstream economy was going well? I think not. It's why so many banks are against Bitcoin and its variants. At least, in the early days.

If you think that banks are the enemy and they are the main cause of the financial crisis and economic recession. Are you sure and based on what guarantees that if bitcoin is deployed globally, it can eliminate inflation, crisis and recession of the global economy? Could the global economy be easily fixed if we accepted bitcoin? This reminds me of those delusional people who said bitcoin would be able to help alleviate poverty if it were adopted globally,  Cheesy Cheesy Cheesy.

Now that "Wall Street" is in the game, things are starting to change. BTC is being acquired in mass by institutional investment companies. If things keep up, it will become utterly-centralized (even though network consensus is done by miners, not economic holders). Banks should be more than happy with how Bitcoin is doing now. Even a staunch critic like JP Morgan is changing its view towards BTC. If the pioneer cryptocurrency was decentralized as it was in the early days, do you think banks will support it? I guess not. People are missing the big picture of the ETFs. It's not about making money, but rather controlling everything. I sure hope we come to our senses before it's too late. With CBDCs on the way, don't expect banks to go anywhere soon. Sad

I don't deny that an ETF will make bitcoin more centralized, but banks are just a business and what they seek is profit, so why would they accept bitcoin if it doesn't bring benefits , profit for them? Just like you, if bitcoin does not bring you benefits or profits, will you protect it and invest in it ? I bet you won't either.