Big Banks Beginning to Warm Up to Digital Currencies

Bitcoin

A classic case in don’t believe everything you read or hear (especially in today’s world). We all have heard J.P. Morgan’s “king” call bitcoin a fraud and other banking giants echo similar thoughts, BUT do they really mean it? Do they really want to destroy Bitcoin, Ripple, etc? Sort of because cryptocurrencies are a direct competitor to a bank’s agenda. Especially Ripple. So, putting all the rhetoric aside (please), banks (including Jamie “its a fraud” Dimon’s) are really beginning to warm up to accommodating Bitcoin transactions. In fact, it is actually getting a whole lot easier to buy/sell bitcoin and complete some other transactions through banks as well. Seems a lot of folks that had “bad” things to say about the cryptos a short while ago are now doing some fancy pivoting. My mom always said, think before you speak…….especially in commenting on new technology (Mom didn’t know about that).
(Bill Taylor/Managing Editor)


“Big banks want to crush Ripple and Bitcoin. At least, that’s the impression one gets by listening to speeches of high profile bankers, attacking the very premise and the valuation of Bitcoin.

Last year, for instance, J.P. Morgan Chase & Co. leader Jamie Dimon called the digital currency a “fraud,” and a “tulip bulb.”

There’s a good reason for that. Each cryptocurrency is in competition with banks, especially Ripple. “If big banks were to succeed in crushing one of these two currencies, Ripple would be it,” says Shidan Gouran, President and COO of Global Blockchain.

 “”The main reason for this is because Ripple is much more of a direct competitor to banks. Because it operates more like a transaction network than a currency, it’s a lot more plausible that they will be a target for banks to get tough with. Whereas because Bitcoin operates more like a currency, they don’t pose the same threat…”

Source: Forbes.com