July 14, 2020

Are Banks Buying Bitcoin On The Down Low?

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In a recent interview, Jason Williams of Morgan Creek Digital has said that major banks are buying Bitcoin (BTC), and they don’t want anyone in the public to know about it!

Williams believes that Banks are investing into the best performing asset of the decade (BTC) and don’t want people to know about it to ensure that the price of Bitcoin doesn’t spike too high too soon.

Over the past ten years, since Bitcoin has come into existence and into our every day lives, banks have been against the digital asset, and spoken strongly about this on a public level.

Chief Executive Officer of JP Morgan Chase, Jamie Dimon, has stated previously in 2017 that Bitcoin was a fraud waiting to blow up.

Come very recent times, their tune has changed drastically. Many large, global companies, including JP Morgan are now offering services to crypto businesses. On top of this JP Morgan has released their first cryptocurrency, the JPM coin, after they released an analysis statement saying that Bitcoin (BTC) is likely to survive.

There are still some major banks, such as Goldman Sachs, who are still to jump on the crypto bandwagon, however, with the global economy in crisis and more and more people turning to Bitcoin, they soon may have no other choice than to join to digital asset world to satisfy the needs of their clients. 

Banks are becoming more resilient to the crypto space, especially after the recent move from the US Congress, which is now considering ways to regulate bitcoin sales.

In March 2020, Representative Paul Gosar introduced the “Crypto-Currency Act of 2020”, a bill that looks to “provide not only clarity, but legitimacy to crypto assets in the United States” a representative from Gosar’s office told crypto news website, Cointelegraph.

Despite the banks telling us that cryptocurrencies are a threat to their institutions, the number of bitcoin-friendly banks are growing rapidly, enabling people to buy BTC with a bank account as a method of payment.

Further to this, many banks and financial services are already using Blockchain technology globally, including for the use of international payments, with Japanese banks creating payment systems based on digital currencies.

Currently, as of March 2020, there at 12 banks worldwide that accept Bitcoin, we can only expect that number to increase as we move forward.

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