End of the Big Bank Era

End of the Big Bank Era

By xuanling11 | Crypto Learning | 25 Sep 2021


Big Banks are Dying and They just refuse to admit it. Disregardless of their argument against Bitcoin and other cryptocurrencies are speculative assets, it is inevitable that businesses will adopt crypto faster than they anticipated.

 

Big banks are hierarchical

Big banks operate with their big power in the financial system. They are the central bank’s representatives. They directly operate financial assets that impact the economy. Their operations are hidden from the public and their investments are a waste of money on the majority of projects.

 

Big banks don’t want to change

Their membership helps them to become monopolies. They dominated the current financial system. The change will jeopardize their positions. They do not want to change and there are no advantages of changing.

 

Banks borrow money from people yet charged them money

There are many rules when you deposit your money in the bank. When you put your money in the bank, the bank will take it and invest in other capital gains. They borrow money from you so they can have more money to invest. Yet, they punish you when you have less money from their rules. You have to play their game while lending money to them so that make profits but punish you. You gain nothing eventually.

 

Banks know you better than yourself

Banks have all your financial data. They knew everything about your financial situation. They analyzed you so they can loan you money despite you loan them first. 

 

When inflation is high, banks got nothing to protect you

When inflation is higher than the interest the bank can offer, your money is shrinking its valuation. The bank will rebalance its portfolio but not yours. You likely become a loser of the high inflation economy while banks just don’t care.

 

Cryptocurrencies to replace banks

Crypto does not need to know you and it does not need all your personal information. You can trade with peer to peer. You do not lend crypto your money and you can survive in a high inflation economy while your crypto assets will rise with inflation.

 

Banks are worried about cryptocurrencies

Banks knew crypto is a better option for customers. Small banks are flexible to adopt the future and would like to change. Big banks do not want to change the rule of the game. They refuse to change and try to ban crypto infiltration into their system. They block users to exchange their money for crypto. They announced crypto is a speculative asset and they even ban crypto. Some banks make a ripple impact and some just make no change. 

 

Banks got their own crypto too but the broken one

They then discuss issuing their own crypto version of money so-called CBDC or Central Bank Digital Currency. The only problem is that they still do not understand crypto is decentralized and its purpose is to protect the privacy and eliminate middleman’s power to manipulate the market. None of the benefits that CBDC can achieve.

 

Bans crypto

So they ban crypto. Unfortunately, they still do not understand that crypto cannot be banned. As long as people use crypto, they continue trading around the world.

 

Banks are losing

Banks knew they are losing the game and they will try everything to prevent crypto move forward. 

 

In conclusion

Just because banks ban crypto does not mean the end of the journey, it just barely started and banks have already lost.


Photo by Mikel Parera on Unsplash

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