Legend has it that Bitcoin is coming to destroy the banks. Finally! Banks have been the bad guys since the Renaissance. The usurer is a common character in more than one story. The loan shark that collects your money mercilessly. The banker who only seeks profit and lacks all humanity. Bitcoin has come to save us from the tyranny of the banks. Bitcoin is Mary Poppins and we can already say: “Supercalifragilisticexpialidocious”. Secondly, Banks are selling cryptocurrency funds, offering custody services, and providing financing for crypto companies. How do you eat this?
The strange thing about all this is that Bitcoin is simply a code and a bank is a business. Well, Bitcoin is a code that financially speaking is actually an asset. Banks are organizations that make money by offering financial services. Banks invest in a very wide range of assets such as bonds, real estate, metals, merchandise, stocks, and businesses. Why not add cryptocurrencies to the menu?
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Jamie Dimon, the CEO of JP Morgan is known for speaking first and thinking later. It is its peculiarity. They ask him something in an interview and he says the first thing that comes to mind. Secondly, It is the visible face of one of the most important banks in the world. Which implies that it must be as conservative as possible. We must remember that regulators are very aware of what happens with banks. Of course, this description is not enough for this complex postmodernity. Bankers are supposed to be puppets of the Illuminati or Reptilians. Hence, it is all part of a global manipulation master plan. I mean the great conspiracy against the people. Nothing is what it seems. And the deception is perfectly orchestrated.
Today, if one does not believe in a conspiracy with pure faith, one is either an unsuspecting fool or part of the conspiracy. Now, there is also the possibility that banks are beginning to see an opportunity to make money with Bitcoin. In the past, things were not so clear, because there was a lot of uncertainty. But now that Goldman Sachs and Morgan Stanley have jumped on the boat, the other banks are coming under pressure. They go up or the river takes them.
Ladies and ladies, banks are in everything. Banks are working with the major cryptocurrency exchanges. Banks are financing the best known crypto companies. Banks finance whales. And banks are starting to sell cryptocurrency funds. This is not an old guard taxi driver criticizing Uber. It’s not about a hotel complaining about Airbnb or a bookstore talking about Amazon. What we have is a new category of asset gradually gaining its place in the world of finance.
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JP Morgan is no dinosaur. In fact, JP Morgan has more developers than any Big Tech in Silicon Valley. We well know that banks make money in many ways. Are they lagging behind in the digital age? Of course not. The fintech revolution does not exclude banks. The fintech revolution includes Bitcoin, other cryptocurrencies, banks, nonbanks, neobanks, and big tech. What we are experiencing is a massive digitization of commerce and money in every sense. It would be very foolish to pretend that Bitcoin is destroying everything in its path to impose itself as the absolute king in the near future. That idea does not correspond to reality.
Bankers change their minds, if that change means more money for their business. As simple as that. If something is lucrative, that something becomes an item of interest. If there is money to be made in Bitcoin, the bankers will be there. In fact, the bankers are already here. What’s more, the recent price hike is directly related to the fact that bankers are here to stay. Of course, that has been a culture shock for a community full of libertarians, anarchists and anti-establishment dissidents. However, I fear that money is once again outperforming ideology. In other words, no one would cry with a Bitcoin breaking all-time highs.
Now a final thought on intermediaries: In the real world, property is a state validation. Which implies that my house is my house, because there is a government document that affirms it. Suppose we decide to rent a property for rent. We give our keys to our tenant and we hope to receive that rent on a monthly basis. We are not occupying that space and we do not have the key to the property. But we are the owners. Why? Because we have the property document. In a court of law, that counts. Ah, but what if we are anarchists? What if we don’t trust the government? In that case, we must protect our property ourselves. We go to arms and we do not give the key to anyone.
The phrase – “you don’t own your money, if you don’t have your private key” – is certainly quite strange. Many people have the key to my business, but I am the owner. If someone steals from me, I don’t hesitate to go to the authorities. Are all of us who will invest in Bitcoin anarchists? For instance. I use crypto exchanges all the time and I use different wallets. Why? Because I enjoy your services. Personally, I think it is very easy to talk about anarchist radicalisms on social networks. But it is much more difficult to do it in practice. In practice, every loan I make is my asset. If I have 25% in a business, I may or may not be the manager, but I still own 25%. In the real world, there are agreements of different kinds. There are associations of different kinds. In many cases, we must trust a third party with our property for a matter of convenience. At the time of a problem? We go to court.
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Some days ago, explained a character on Twitter, that my $ 100 in Binance is in serious danger because I do not “own” that money. Don’t I own my money? Exactly. Why? Well, because I must have my private key. According to him, I must give up all the services that Binance offers me for the matter of the key and keep my money under the mattress.
I wonder: What do I need my money for? In my case, to pay my expenses. (food, housing, transportation, health, entertainment, services, etc.) And it turns out that Binance allows me to transfer my money at any time. The proof is that I am quite chubby from eating so much. In other words, I am a satisfied customer. I like my exchanges. And I like my banks, because they offer me the services I need. So much ideology is sometimes tiring. I mean the theorists of anarchy with all its rules and limitations. I prefer pragmatism. If it works for me, it works. As simple as that. Whoever wants to have their money under the mattress should have it. But leave the others alone.