Again and again I come with this line that Bitcoin was created as a decentralized cryptocurrency intended to be used via a peer to peer network and not needing AT ALL a central bank or any intermediaries for it to work that was created to replace the current financial/banking system and almost every time there's a bad/good news behind the line that corrodes its purpose.
This time the news is Made in Germany and it is about the bill that is proposed to allow banks to deal in cryptocurrency in 2020 and here you have an extract by cryptoslate.com on what the bill is actually about:
"The federal parliament of Germany has drafted a bill that, if enacted, will allow banks to become custodians and merchants of cryptocurrency in 2020. The move represents a bombshell milestone in adoption and could, in theory, make crypto as liquid as cash in the world’s fourth-largest economy."
Yeah, that would mean Germans will be able to store cryptocurrencies in their bank accounts, probably trade them as well or cash out them when don't feel like holding them anymore. Pretty much like on crypto exchanges, right? So who's becoming who, are crypto exchanges becoming banks or banks are becoming crypto exchanges. I'd say things are heading both ways, if that make any sense.
As I said it multiple times, Banks are not stupid, and they won't let such an opportunity pass by or fight against Bitcoin. That's just media manipulation. They, along with the ones making laws in the world, are working, and probably started their work many years ago, to tame Bitcoin and to regulate and play with it as much as it is profitable for them. There will never be the power in the hands of the people, there will never be financial freedom and privacy for us.
It was just a game to make us love cryptos and it's playing pretty well so far. Make me a fool as well but I believe that in ten years from now the Bitcoin that will be in the hands of the banks and financial institutions will outnumber, much more than you can imagine, the free Bitcoin that will be in the hands of the people, and their digital wallets.
It started the same way with gold. It was the ones collecting it that came and offered it to the banks for papers and not the other way. Why? For safety, and that's what's happening now with banks offering to store cryptos under their wings as well. People will bring it to them for safety reasons, as they did with gold, and will of course accept the small fee from the bank to ensure its safety while being in its custody.
Germany is just one country that is working on such a bill, and it is still the fourth largest economic power in the world, but for sure many countries will follow suit. I see China, America and even Russia in the same boat in just a few years. You know the saying:if you can't beat them, make them yours. Sadly, Bitcoin and other real value cryptocurrencies, are getting in the hands of banks and similar institutions more and more and that paves the way for...
...more centralization, less privacy, less financial freedom once cash will get extinct and not when Bitcoin will get more regulatory directives. It's what we've asked for, isn't it. At least some of us, that wanted mass adoption, safety of the markets and transparency, "crypto banks" and so on. You didn't liked the wild west and the financial freedom that you had three or four years ago... well, here you have the new financial system that is being created, not leaving cryptocurrencies aside, but embracing them and taking them under its protective wings.
For more details on the news and a more polite tone regarding the bill and what is intended for, you can check the above quoted news outlet's report in here:
Thanks for attention,