Post
Topic
Board Economics
Re: Will banks go on extinction if they do not adopt cryptocurrencies?
by
BenCodie
on 03/06/2025, 23:36:46 UTC
That is the big war. Bitcoin did a very rare thing by being heavily distributed before banks got a chance to take too much ownership of it. Now it will be interesting to see if they try to take as much ownership as they can of Bitcoin and absorb the market, or if they will always be chasing Bitcoin's innovative tail. It depends how much private wealth can be deployed and if people are willing to sell enough Bitcoin to make power centralization a concern. Right now, with coinbase, microstrategy, blackrock, fidelity and others with a combined ownership of 10-15%+ of the entire bitcoin supply, it is an interesting and pivotal peroid we are in regarding this war.

Yes. Centralization by banks and "Wall Street" is near. Only if they manage to control network nodes and hashrate as well. With most of the circulating supply in their hands, they will have the leverage they need to "bribe" developers in the path they want Bitcoin to head into. The community must stand strong by preventing these giants from ruining Satoshi's original vision for Bitcoin. Otherwise, BTC will lose.

Thank goodness, most people still hold BTC, so chances of centralization are slim. Let's not forget that centralized exchanges like Coinbase and Binance are the dominant forces of the crypto market. They can manipulate prices and crash the market if they want to. Like you've said, it'll be an interesting war to watch. Let's hope Bitcoin wins in the long run.

The more likely scenario is manipulation by banks and wall street in order to try and accumulate more coins for cheap. Depending how desperate they get, determines how desperate their measures go both within the Bitcoin market and outside of it. This is nothing new, during earlier times where people and entities competed/fought for rule over assets and commodities, banks and wall street were known to play dirty. No different this time.

Centralization through ownership of supply (which would effect the market, not network) is a possibility if people sell to them. Centralization of the network is a much larger and more complicated task, requiring control over territory and influencing/controlling both local and international mining operations.