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?
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.