“It’s no coincidence that the greatest threat to banking, Bitcoin is constantly under fire from the industry and its beneficiaries.”Emmanuel Awosika • May 6, 2022 (Bitcoin Magazine)
Bitcoin has gone mainstream since its inception. We owe it to its decentralization and peer-to-peer network that has made everything easy, from creating a utility to its financial exchange value without an intermediary or an exorbitant fee. There is a common generalization that banks discredit Bitcoin and what it stands for. That remark is entirely off the grid as several other banks incorporate and adopt Bitcoin. However, that seems to contradict their values; they can’t shy away from the reality that Bitcoin is here to stay for good and is the best way to save but to transfer money across borders in a shorter time frame. Bitcoin serves as the best form of investment, and many banks are tapping into this.
There are numerous bitcoin-friendly banks; despite all the stereotyping, the number of banks investing and accepting Bitcoin has increased. Although mobile/digital banks are leading in this aspect with banks such as Chime (USA), USAA (USA), Goldman Sachs (USA), Simple
Bank (USA), Bankera (UK), Revolut (UK), Wirex (UK), Ally, Fidor (Germany), Change (Estonia), Worldcore (Czech Republic), National bank of Canada (Canada), Banco Galicia the biggest private bank in Argentina by Market cap, and Brubank SAU (also an Argentinian bank) recently added crypto trading to its investment platform, and that’s great progress in the adoption process.
Despite having other leading banks banning and limiting the purchase of Bitcoin, these are banks that have adopted/invested and are steadily incorporating the future of money into their ecosystem. There, however, is no doubt that Bitcoin would displace the foundational legacy system of finance; the great question should be, how do we replace banks and exchanges from messing the ecosystem up and what it truly stands for.