Why do banks crack down on Bitcoin
Why banks should crack down on Bitcoin Editor’s note: This article is from CoinTelegraph Chinese (ID: CoinTelegraph China), authored by JOSEPHYOUNG, and reprinted by Daily Planet Daily with authorization
The attitude of banks towards Cryptocurrency is very radical. Although recent events suggest that regulatory authorities may have begun to understand the workings of this emerging asset class. But this has not changed the value foundation of Bitcoin. On the contrary, it has been largely influenced by some aspects of the banking industry, particularly the Bank of America and the Federal Reserve Association. They believe that if these companies do not continue to use their existing products and services, they will face the same serious risks as other financial products Therefore, banks must consider their policies to combat the adoption of digital tokens such as Bitcoin. However, when it comes to those who can purchase digital securities from banks, this is not the case: “We are now in a new field, many of which are aimed at private companies, entities operated by governments or individuals.” Why ban Bitcoin? Why do banks refuse Bitcoin? In response to the increasing usage of Bitcoin, most central commercial banks have taken action. For example, JPMorgan Chase is preventing customers from depositing cash into their Bitcoin accounts; Deutsche Börse said it had sent an email to customers “to inform them of their new plans for crypto assets”. But more and more banks are also joining this ranks. “I still believe that large enterprises like BNY Mellon will not provide such services soon,” said a spokesman for Goldman Sachs. They want to ensure that they have enough information to protect their transactions. Why do they need to restrict Bitcoin? Due to the lack of clear regulations, many major banks have had to abandon their digital markets. For example, Goldman Sachs launched a stock based futures contract platform “BitMEX”, and Fidelity Investments created a blockchain solution for custody and settlement of Bitcoin bonds. According to CoinMarketCap data, “In the past few months, the platform’s annual trading volume has almost doubled. In addition, in the third quarter of 2019, BitMEX’s total market value increased by more than $1 trillion. For some people, this is because these banks prefer to invest their funds in the encryption industry rather than using it as a payment method As Bitcoin becomes a mainstream asset, investors are looking for alternatives that can reduce volatility and increase prices. At the same time, many banks have been seeking to introduce new alternative solutions for their users to achieve their profits
Why bother with Bitcoin
Today, a very interesting phenomenon has suddenly appeared in Bitcoin What exactly is this’ coin ‘? Let’s start from two perspectives: firstly, can Bitcoin really replace the US dollar? The second question is, why do we still need to create some Bitcoin? The third question, what changes can it bring? Fourth, how does it affect people’s views and attitudes towards the Cryptocurrency market? If this situation has already occurred in the market, does it indicate that you are still in a wait-and-see state? So be cautious when investing!
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