Blocktoq

    Will Bitcoin protect your savings from inflation?

    18 November 2021

    How to create nft art?

    12 November 2021

    USA – the top destination for bitcoin miners. Why China gave away the title?

    11 November 2021
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Blocktoq
    • Crypto News
    • Explained
    • Reviews
    • After Hours
    • Market Tools
    • Igaming
    • English
      • Polish
      • Russian
    0 Shopping Cart
    Blocktoq
    Blocktoq»Crypto News»Why do banks discourage people from investing in crypto?
    Crypto News

    Why do banks discourage people from investing in crypto?

    KonradBy Konrad5 May 2020Updated:15 March 2021No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Почему банки не любят биткоин и другие криптовалюты|централизация или децентрализации банков и биткоина
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The biggest banks in the USA, such as JPMorgan Chase, Goldman Sachs or Wells Fargo, convince their clients that investing in cryptocurrency is a bad idea.

    In short:

    • Banks vs. Cryptos
    • Where all this hatred comes from?
    • Decisions of the banks

    Banks vs. Cryptos

    Adam Pokornicky, Chief Operating Officer of Digital Asset Investment Management (DAIM), claims that his company lost a client due to the intervention of banks. 

    As he later says, his client was a “big fish” and was ready to buy a lot of BTCs, but he changed his mind after talking to advisors from JP Morgan and Goldman Sachs. Later attempts to recover the client and the context in which he was convinced by advisors from these popular banks failed.

    Where all this hatred comes from?

    Banks afraid of losing power in the financial world are doing everything they can to attract people to their side and discourage people from investing in cryptocurrency and keeping funds in virtual wallets. As the crypto market grows, the likelihood increases that digital currency will replace fiat. 

    There are nearly 2 billion people in the world without access to banking systems. For this group of people, Bitcoin and other cryptos are ideal for making international payments.

    centralization vs decentralization banks and bitcoin

    source: https://blockgeeks.com/blockchain-infographics/

    There are many advantages to choosing Bitcoin over a traditional bank. Decentralisation is the main one, meaning that BTC is not controlled by any government or financial institution, so no one can influence the transaction with Bitcoin. This is completely different for banks, where the system is centralized and your transactions are controlled by the bank. 

    A good example is the tweet of an investor known more broadly as JP, whose bank account has been frozen with the money in it, due to the purchase of Bitcoins. The bank did not like the action and froze it immediately. As JP concluded with a snack: “It was a good reminder of why he bought them at all”.

    My bank account was frozen today because I've been buying #bitcoin all week.

    So I had to call my bank and wait on hold for 30 minutes to talk to someone to unfreeze it.

    Which was a good reminder of why I was buying Bitcoin in the first place.

    — JP (@HealThyself15) April 17, 2020

    Decisions of the banks

    One of Wall Street’s wealth managers stresses that he has spent most of his life trading and buying hedge funds. He says, however, that he has a huge number of Wall Street friends who work in the biggest US banks like Goldman Sachs, Morgan Stanley, Goldman, JPMorgan Chase and Wells Fargo. They have restrictions or a general ban on buying Bitcoins, without going through complicated procedures and bank regulations. 

    As you can see, the situation between the banks and the cryptos is not the best, and this is not going to improve at the moment. What do you prefer, centralised banks or decentralised Bitcoin?

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleПочему соучредитель Ripple продал более 54 миллионов XRP?
    Next Article iMiner – a Turkish company get a license to start huge Bitcoin Mining Operation in Iran
    Konrad

      Start with crypto today

      Leave A Reply Cancel Reply

      Search

      Will Bitcoin protect your savings from inflation?

      By Blocktoq Team18 November 20210

      Recently, a record increase in inflation has been recorded – both in Poland and in the USA. In Poland, inflation is close to 7%, in the USA it is 6.2%.

      How to create nft art?

      12 November 2021

      USA – the top destination for bitcoin miners. Why China gave away the title?

      11 November 2021

      Solana, the man(ETH)er

      3 November 2021

      Address: Blocktoq LTD, Kemp House 160 City Road, EC1V 2NX, London
      Email: [email protected]

      Facebook Twitter Instagram
      About us
      • Who we are
      • Submit press release
      • Advertise
      • Privacy Policy
      • Contact us
      • Shop
      • Cart
      Categories
      • After Hours
      • Crypto News
      • Crypto Projects
      • Explained
      • Finance
      • Igaming
      • Market Tools
      • Press Releases
      • Reviews
      Design by Blocktoq - Let's talk about Crypto! © 2022 Blocktoq All Right Reserved

      Type above and press Enter to search. Press Esc to cancel.