What is the chance of Bitcoin winning the favor of traditional banks in the future?
The intrinsic value of Bitcoin has changed the skeptics and enabled bystanders to join the network. Therefore, the growth rate of the network is amazing, even exceeding the growth rate of the Internet.
Bitcoin is proving itself to be a disruptive force that dominates financial markets. This effect is already evident when some people who once opposed it changed their position on cryptocurrency.
MicroStrategy’s billionaire CEO Michael Saylor, Tesla and SpaceX CEO Elon Musk, and billionaire hedge fund manager Mark Cuban ( Mark Cuban) used to be Bitcoin skeptics, and their attitude has now changed. Michael Thaler, who was not a Bitcoin holder in the past, said his company will continue to publicly hold Bitcoin on its balance sheet. Similarly, Musk once described Bitcoin as “not suitable” for Tesla in 2019, but adopted it in 2021. For Tudor, his position around December 2019 was that Bitcoin “has no chance” to become a reliable currency, but today he sees it as “a means of storing value like gold.”
The list of converts is long and varied, and each day is reaching new levels. Soon, if the recent events go well, banks may also be pulled in. A typical example is the shift in the position of investment bank JPMorgan. The bank used to have an anti-Bitcoin policy even from its management, but in 2021 it began to facilitate its customers’ participation in cryptocurrency transactions.
For some time, the eyes of the Bitcoin community have been focused on the financial sector. Major players in the cryptocurrency world, including Binance CEO Changpeng Zhao, have previously warned that if the financial sector ignores the adoption of Bitcoin, it will pay a huge price. He also believes that over time, banks will wake up sooner or later and prepare to adopt Bitcoin and provide related services; and this seems to be happening already.
As more and more banks begin to take Bitcoin seriously, the Bitcoin effect seems to have played a role in banks.
The bank’s current setback is regulatory uncertainty, which will not allow direct access to cryptocurrencies. Not only that, some governments have formulated strong policies on Bitcoin, restricting banks from interacting with it. Examples include India and Nigeria, where their central banks issued bans prohibiting banks from facilitating cryptocurrency-related transactions. China also has a long history of opposing Bitcoin. Our country has recently cracked down on Bitcoin miners, making it extremely difficult to trade cryptocurrency in our country.
If regulatory uncertainty in global government jurisdictions becomes more friendly to cryptocurrencies, it is likely that a large number of banks will rush to adopt Bitcoin.
As the cryptocurrency person Joseph Young said recently: “…This is inevitable. All major financial institutions will eventually serve the Bitcoin, Ethereum, and cryptocurrency sectors. The process may be long, but this It will happen.”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/what-is-the-chance-of-bitcoin-winning-the-favor-of-traditional-banks-in-the-future/
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