Banks Are Getting Into Bitcoin: Bad or Good?

[TomPluz]

In 2017, the boom in Bitcoin and cryptocurrency had been fueled by retail investors or those where ordinary guys like you and me were then taking the market by storm...little investors but in huge numbers but the disadvantage with this is that people can easily be swayed by FOMO can many were then burned partly resulting into the eventual crypto winter. Many were then dreaming that one day there can be institutional adoption...that was a hard dream at the that time because banks and other traditional institutions were rejecting the idea behind cryptocurrency much more participate on it. Fat forward into 2021, we are now seeing a different scenario because gradually many traditional institutions adopted Bitcoin and crypto and many embraced with gusto. I am sure that many would agree that this a very welcomed development but what are the disadvantages of these banks getting into Bitcoin?

[DAMKAR]

Talking about disadvantages if the bank getting in bitcoin, I think the government will take the tax.
Because the government can track your crypto transaction.
I think It's not good idea, if the banks will get bitcoin.
In my opinion, Let bitcoin and altcoins stay the way they are, because I think government and bank intervention will destroy the market. 
Crypto currency is volatile, no one can control crypto currency.  So, don't let the bank and the government interfere.

[Fenix]

It is too early to say that the banking system accepts bitcoin and other cryptocurrencies. However, there is indeed such a trend. Paradoxical as it may sound, the coronavirus pandemic helped in part in this. Banks and their governments quickly realized in this situation that their traditional payment system was already decently outdated. Of course, they are unlikely to switch to using cryptocurrency, but in part, one can still hope, as it happens with ripple. However, they will mostly use their digitized currency. But even this general process has a positive effect on the decentralized cryptocurrency. Such cooperation is necessary because it is the only way to create an infrastructure for using cryptocurrency as a means of payment. Without this, cryptocurrency will remain a means of accumulation and speculation.

[KaliLinux]

Talking about disadvantages if the bank getting in bitcoin, I think the government will take the tax.
Because the government can track your crypto transaction.
I think It's not good idea, if the banks will get bitcoin.
In my opinion, Let bitcoin and altcoins stay the way they are, because I think government and bank intervention will destroy the market. 
Cryptocurrency is volatile, no one can control cryptocurrency.  So, don't let the bank and the government interfere.

If you believe that cryptocurrency is volatile and no one can control the cryptocurrency market then you shouldn't bother whether the Governments and the banks are getting involved in the space because they too have realized there is much to gain in the crypto investment and they don't want to miss out hence their involvement now, so do not worry, they can not disrupt the system.

[rizqillah]

so do not worry, they can not disrupt the system.

I agree, the government and banks cannot disrupt the system.
So, no worries about the government and banks , if they will get crypto currency.
The government and banks should addopt crypto technology because the will miss out , many big companies already addopted blockchain technology.
Digital era will come soon.

[mahid]

Financial Advisors are constantly working with it and they will able to get a way to adopt bitcoin in banking sectors. Currently crypto currency get a new stage where there future is rally appreciable. It it is adopt with banking sectors with analysis of advantages or disadvantages then i should say that crypto community will get good times.

[Sadin]

It is too early to say that the banking system accepts bitcoin and other cryptocurrencies. However, there is indeed such a trend. Paradoxical as it may sound, the coronavirus pandemic helped in part in this. Banks and their governments quickly realized in this situation that their traditional payment system was already decently outdated. Of course, they are unlikely to switch to using cryptocurrency, but in part, one can still hope, as it happens with ripple. However, they will mostly use their digitized currency. But even this general process has a positive effect on the decentralized cryptocurrency. Such cooperation is necessary because it is the only way to create an infrastructure for using cryptocurrency as a means of payment. Without this, cryptocurrency will remain a means of accumulation and speculation.

I think it's good that banks are entering Bitcoin. But I can't explain why it's good. Because I'm a new member of this forum so I don't have the right knowledge. Hopefully in the future I will have the opportunity to speak right here. ्

[Freemind]

Banks have been in Bitcoin and crypto for much longer than we imagine. As an example, here is a link for you to see for yourself: https://www.bbvaresearch.com/wp-content/uploads/migrados/130731_ObservatorioEconomicoEEUU_Bitcoin_tcm346-398292.pdf

That article is written in Spanish, but as you can see it was written on July 31, 2013 to be presented to various European investors, that same year, BBVA bought 5,000 Bitcoins. Banks have been in crypto for a long time, using the double game of FUD to buy very cheap.

[Tubelight]

I think it's very positive for Bitcoin. Because if all the banks in the world accept Bitcoin, then Bitcoin will soon be in a better position. It is seen that the popularity of Bitcoin is increasing with the change of time. Bitcoin has already become the most popular currency in the world. So I think the step that the bank has taken is undoubtedly a very good step.

[Freemind]

I think it's very positive for Bitcoin. Because if all the banks in the world accept Bitcoin, then Bitcoin will soon be in a better position. It is seen that the popularity of Bitcoin is increasing with the change of time. Bitcoin has already become the most popular currency in the world. So I think the step that the bank has taken is undoubtedly a very good step.

That banks enter Bitcoin and other cryptocurrencies does not mean that it is to offer their customers a new financial product and thus make cryptocurrencies more popular in the world, they do it for their own benefit and speculative product, as some groups of investors did a few years ago. The day that banks actually offer cryptocurrencies as a product for their clients, it will be with very high sales and custody commissions.

[Phython]

It is good for us that banks are entering Bitcoin. But I think it's bad for banks. Because we do transactions in the bank. If you know about cryptomarket, more people will make transactions here, which will reduce the chances of the bank becoming a customer.

[Alcor]

Financial Advisors are constantly working with it and they will able to get a way to adopt bitcoin in banking sectors. Currently crypto currency get a new stage where there future is rally appreciable. It it is adopt with banking sectors with analysis of advantages or disadvantages then i should say that crypto community will get good times.

Certain cooperation of cryptocurrency with banks in any case will positively affect the growth of popularity of cryptocurrency and its liquidity. People will trust cryptocurrency more when they see solid financial institutions like banks working with it. All the more so if these are state banks. If this happens, the state will probably legalize cryptocurrency in parallel with this, because the bank, in principle, will not work with a financial asset if its legal status is not established.

[Freemind]

Certain cooperation of cryptocurrency with banks in any case will positively affect the growth of popularity of cryptocurrency and its liquidity. People will trust cryptocurrency more when they see solid financial institutions like banks working with it. All the more so if these are state banks. If this happens, the state will probably legalize cryptocurrency in parallel with this, because the bank, in principle, will not work with a financial asset if its legal status is not established.

I think the opposite because I don't see it in such a "friendly" way. Banks have always attacked and despised Bitcoin (and all cryptocurrencies) for many years, when they began to realize that it could be a competitor. It is now that banks realize that society is interested in cryptocurrencies and they want their share of the pie, charging large commissions for sale and custody mainly. Cryptocurrencies don't need banks, they have always been responsible for the biggest economic catastrophes in history.

[Anonylz]

Banks have been in Bitcoin and crypto for much longer than we imagine. As an example, here is a link for you to see for yourself: https://www.bbvaresearch.com/wp-content/uploads/migrados/130731_ObservatorioEconomicoEEUU_Bitcoin_tcm346-398292.pdf

That article is written in Spanish, but as you can see it was written on July 31, 2013 to be presented to various European investors, that same year, BBVA bought 5,000 Bitcoins. Banks have been in crypto for a long time, using the double game of FUD to buy very cheap.

You are right. This is why I dont really bother myself with whatever is being said online because for those that have come to understand that these Banks and even maybe some Governments that have not publicly accepted the adoption of Bitcoin might have been secretly investing init for a long time and they are the ones that cause all the FUD to drag down the prices so they can load up again.

[Trumpet]

This is a very positive aspect as banks are accepting bitcoin. I can't go any worse in this matter. But so far banks in all countries of the world are not accepting bitcoin. Only a few countries are accepting bitcoin which is a very positive thing for bitcoin. Hopefully, with the passage of time, Bitcoin will spread all over the world. And let the banks of all the countries of the world support Bitcoin.