A couple of days ago Bank of America listed cryptocurrencies among the risk factors it sees impacting revenues. They mentioned three reasons:
1 – Cryptos could limit the bank’s ability to track the movement of funds
2 – The bank’s clients may want to invest in cryptos instead of putting their money in B of A
3 – The low to almost free money exchange using cryptocurrencies interferes with the bank’s ability to charge fees
It was obvious that large legacy financial institutions and global elites are concerned with the challenges to theyr monopoly over people’s finances from the derogatory statements made by their leaders.
BIS Chief Slams Bitcoin as Ponzi
Once is happenstance. Twice is coincidence. Three times is enemy action.
Ian Fleming
Another threat that has not been mentioned is the flight of the most qualified IT/coders to the many opportunities in blockchain development leaving the banks unable to hire the best minds in the field. Money alone would not keep enthusiastic, libertarian minded coders with distrust for the establishment from moving to work in projects which give them personal satisfaction. This problem may affect Silicon Valley and also the government.
This comes at a particularly crucial time for banks. They desperately need to innovate and adapt in terms of tech to the challenges presented by distributed ledger technology. Every day that goes by and the banks shrug off the reality they are dropping further behind.
If banks fail to keep up, chances are they will force the legislators to enact laws against crypto assets in order to protect their antiquated monopolies.
Money buys votes.
Corruption is a true enemy to development.
Tsakhiagiin Elbegdorj
You can discover what your enemy fears most by observing the means he uses to frighten you.
Eric Hoffer
The battle has just begun, where do you see the next attack?
