People keep cheering as more and more banks start to embrace cryptocurrency. The masses however, just don’t understand what is actually taking place.
It’s not a victory for the banks nor is it a victory for cryptocurrency. It is merely a struggle and desperate attempt by banks to stay relevant in an ever-changing world.
One minute you will be reading about banks banning cryptocurrency transactions, and the next you see them trying to issue their own cryptocurrency or cryptocurrency trading platforms.
The only logic behind it is that they no they are going to lose a massive market if they can’t stay relevant – and the truth is they can’t.
All they are doing is bringing more and more people into the cryptocurreny atmosphere. As more and more people understand cryptocurrency they begin to realize that banks are not relevant. They are merely a temporary solution to convert between fiat currency and cryptocurrency as fiat currency dies a slow death.
A perfect example of this was this past week when the central bank of Iran banned cryptocurrency, then within this same week, Mohammad Javad Azari-Jahromi who is the Iranian minister responsible for information and communications technology had announced that it worked with the minister’s Post bank to develop a new cryptocurrency and announced it as ready.
Another example was the announcement that the Securities trading bank VPE has launched the first cryptocurrency trading service for german investors.
Then in the United States Goldman Sachs went public about its cryptocurrency trading desk while JP Morgan is being sued over cash advance fees for cryptocurrency purchases.
It seems no matter the bank, they are struggling to stay relevant with this new technology. Some are trying to profit off of it through added fee’s, some are trying to completely ban it from their customers, while still others are full embracing it.
Some national banks are trying to block it from happening, while their own nations are working against them to create national cryptocurrencies.
The important thing to note, is all of these banks were laughing about this technology a mere 5 years ago. All of the major banks were insisting cryptocurrency was a bubble and nothing to pay attention to.
Now the banks are struggling to stay relevant in the days to come.
Cryptocurrency is not yet a serious threat to the bank, especially the major global banks. However every single one of them knows it is starting to dip into their profits and in the years to come, if things don’t change all their businesses are in jeopardy.
This is a huge difference from years past when cryptocurrency was mocked and barely a mention of it on the nightly news was taking place. Now it has become so popular that even those not yet involved, have at least heard of the disruptive nature of the technology.
Every single day more and more people are getting involved with cryptocurrency and staying involved.
This year, unlike the 2017 year, it’s considerably harder to just say it a bubble built by scams and pyramid schemes as organizations like the U.S Security Exchange commission closed more and more of the scams. The largest of them, don’t last long, giving cryptocurrency a much less over inflated value than in years past.
So if anything about cryptocurrency is clear, it’s that cryptocurrency is here to stay, and those controlling the money know and fear it, even if they bash it publicly.