How Banks Are Trying To Discredit Bitcoin


    from Great Game India:

    Bitcoin’s popularity grows year after year. By every criteria — financial value, adoption rates, transaction volume, you name it — Bitcoin is becoming popular. Fearing its capacity to upset the financial system, banks are trying to discredit Bitcoin and cryptourrency.

    However, not everyone is content. Bitcoin adoption is increasing. The banking industry, in particular, sees bitcoin’s rise as a threat and continues to fight the cryptocurrency.

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    It should come as no surprise that banks dislike Bitcoin. Satoshi Nakamoto’s creation is the most significant monetary system disturbance in decades. Bitcoin may render banks obsolete as a peer-to-peer network for creating and exchanging value.

    Banking organizations have used the classic weapon of warfare, propaganda, to defend their position. Banks want to undermine Bitcoin by propagating misinformation, decreasing public adoption and encouraging stronger regulation.

    A (Brief) History Of Big Finance’s Propaganda War On Bitcoin

    Big Finance had to have known from the start that Bitcoin had the capacity to upset the financial system. However, they opted to believe that it would only be used by drug dealers, computer geeks, cypherpunks, libertarians, and other outliers.

    However, as cryptocurrency acceptance rose, panic spread throughout the banking sector, particularly among institutional investors. For the first time, the potential of “magic internet money” replacing banks was a real possibility.

    As a result, banks joined together to disparage cryptocurrency. Given its status as the world’s first and most popular cryptocurrency, Bitcoin was and continues to be a favoured target.

    At the World Economic Forum in Davos, Switzerland, in 2014, Jamie Dimon, the billionaire President and CEO of JPMorgan Chase, America’s largest bank, proclaimed Bitcoin “a terrible store of value.” The state of New York, on the other hand, issued licenses to Bitcoin exchanges the following year.

    In 2015, Dimon repeated his skepticism of bitcoin, claiming that governments would never approve the cryptocurrency. “No government will ever support a virtual currency that goes around borders and doesn’t have the same controls,” he said.

    At the 2015 Barclays Global Financial Services Conference, the JPMorgan Chase CEO was not happy and delivered his most serious attack against Bitcoin yet. He not only compared Bitcoin to Tulipmania, but he also threatened to dismiss anyone who traded Bitcoin in the company.

    Dimon isn’t the only pillar of Big Finance who has tried to undermine Bitcoin. Christine Lagarde, the President of the European Central Bank, has previously criticized Bitcoin.

    Lagarde called bitcoin “a highly speculative asset” during a Reuters Next Conference, saying it has been used for “some funny business and some interesting and totally reprehensible money laundering activity.” This occurred at a time when the European Central Bank was considering issuing its digital currency, the digital euro.

    The ECB has also been a frequent supporter of anti-Bitcoin propaganda. The apex banker linked bitcoin price surges to the notorious South Sea Bubble in its 2021 Financial Stability Review. “[Bitcoin’s] exorbitant carbon footprint and potential use for illicit purposes are grounds for concern,” the paper added.

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