Post
Topic
Board Bitcoin Discussion
Re: Why are banks against cryptocurrency?
by
Blitzboy
on 10/06/2024, 13:06:54 UTC
It is also possible that in the future people will stop using bank accounts altogether and start keeping all their assets in cryptocurrency wallets because they don't have to pay taxes to the government or anyone else to keep their assets here or even if they have to, they will at least have decentralization.

As cryptocurrencies become more popular, people tend to gravitate more towards cryptocurrency wallets and less towards banks, which can lead to a cash crunch in banks. This can also be a reason for banks to dislike cryptocurrencies.

As long as fiat remains the world's primary means of payment and governments do not legalize bitcoin or any other cryptocurrency as currency, we will still need banks and fiat. Even if you get tired of the devaluation of fiat currencies and convert all your assets to crypto, but then you will still have to convert back to fiat currency for daily needs. 

Even if the cryptocurrency trend becomes more popular, it will never cause banks to weaken or disappear. The role of banks is very important to the national economy, it is considered the backbone of any economy. You probably won't need a bank account to save money, but if you need to borrow money, where will you borrow money if you don't go to the bank? Where will you get fiat to pay your daily bills if you don't go to the bank? So banking is very important and I don't think anyone can live without a bank account.