Why Big Banks Fear Bitcoin [Joshua Enomoto]

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Channel: BullishMoney

Published on Jan 3, 2017

Bankers fear bitcoin not because of its record rally in the digital currency markets — although it is doing just that — but rather for the freedom it represents. Bitcoin, Litecoin, and other cryptocurrencies are the next generation in finance. Like all other industries, technology has radically impacted the manner and the speed in which business is conducted. It was only a matter of time that money itself would undergo a massive paradigm shift.

The big banks, of course, hate change. Anything that disrupts their control of “the system” is a direct threat to their livelihood. And finance the way most people view it today is exactly that — a form of control. There is no way to invest freely — brokerages charge an arm and a leg for their transaction fees, all trades must be reported to the government as either capital gains or losses, and trading sessions are strictly limited to a confined and archaic scope — 9:30 am to 4:00 pm eastern standard time.

For those that are not part of the Wall Street aristocracy, investing can be a daunting task. With bitcoin and digital currencies, the freedom to trade rests solely with the investor. There is no one keeping tabs on you, no government oversight to dictate what you can and can’t do, no centralized location in which you can ply your craft. Anybody with an internet connection can trade bitcoin and other cryptocurrencies — again, the choice is entirely up to you.

This freedom is what bankers fear the most about bitcoin!

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