Large banks have played an important role in global capitalism for years. They were the custodians of national currencies flowing between central banks and the public.. And they are heavily remunerated for this role – wages that pay their employees’ salaries and bonuses, as well as their shareholders’ dividends.
In recent years, big banks have taken on another role – custodians of money flowing between national currencies and Bitcoin.
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So banks have the power to strengthen or sink Bitcoin. What action will they take? The answer depends on whether the big banks are developing their own blockchains, and whether Bitcoin will be used as a substitute or in addition to the national currency.
Speaking to Forbes, some cryptocurrency experts say that even if big banks develop their own blockchains, Bitcoin will be used as a substitute. He thinks he can’t stop. Joe Onyero, the founder of Bebuzee, is one of them.
Onyero said, “Big banks can’t destroy Bitcoin. Even if they create their own blockchain, I think they will centralize it, which is fundamentally against the principles of blockchain technology.. Blockchain is seen as a technology revolution because it is decentralized. That’s why banks have no choice but to adopt Bitcoin. I would say that banks will strengthen Bitcoin if they choose to adapt, as this will pave the way for Bitcoin to be more widely known.. Cryptocurrency will not replace some of the things that will use fiat money, others crypto, and whoever does it the easiest, more people will likely use that bank. I think it would be more frightening for banks to ignore cryptocurrencies and face being left behind.”
Kelly Tyler, CEO of A7 Core, also admits that banks cannot stop Bitcoin. Tyler said, “Change is coming. I think banks can sense it. Some might want to stop it, but it’s like trying to stop the waves of the ocean.. Sooner or later banks will adapt and adapt to some kind of Blockchain technology.”
Reginal Ringgold, founder of BlockVest DEX, thinks that Bitcoin helps big banks to grow their businesses. “Bitcoin has partnered with fintech companies to develop Blockchain applications in the capital market,” Ringgold said.. Blockchains used in conjunction with smart contracts offer compelling opportunities in derivatives markets, typically surrounded by multiple intermediaries such as the NYSE or CME.”
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