Banks are Moving to Crypto – is it a Good Thing?
Banks are Moving to Crypto – is it a Good Thing?
Yesterday, one of Thailand’s biggest banks bought 51% of Bitkub, the country’s largest crypto exchange.
Today in Australia, Commonwealth Bank announced it will allow its customers to buy and sell cryptocurrency through its app.
I believe this is the start of banks finally accepting crypto is not going anywhere and rather than deny it exists, they will now start to become one of the major forces influencing the industry.
Is this really good overall for the crypto space? Or if you’re like me, are you also wary of the potential implications such as loss of privacy, increased regulation and more taxes?
Thoughts?
As along as inflation is making it harder to live, they have to. People are losing trust in the systems that have been. It’s a paradigm shift.
Fiat probably won’t go away, it’s just another layer of complexity on monetary systems. And, honestly, they’re probably been buying in longer than anyone guesses.
Early money was a unit of intrinsic value, like gold or silver.
Up to recent times, fiat was an agreement for a unit of “labour.”
Crypto is a trade for computing power. Smart devs capitalise on that idea. Third gen crypto is really fucking cool and amazing for that reason. Excited to see how it changes the world. It’s creating a bigger ecosystem, like nature.
did you think banks will idly sit by while crypto takes over? of course they will want a piece of the pie on the chance that crypto takes over the world.
Banks don’t have a choice. Their biggest threat isn’t Bitcoin. It’s CBDC’s.
With the introduction of CBDC’s, retail and commercial banks become obsolete. Their clients will hold accounts directly with central banks.
I think some of them are starting to figure this out.
Crypto exchanges and retail/commercial banks will become the same thing in time.