Bitcoin Forum

At the start of the decade, banks were some of the biggest skeptics about cryptocurrencies. However, as we near the start of the 2020s, banks seem to be heading into a more mature understanding of the cryptoassets that many of us know and covet. Banks are bullish on crypto, and it could change everything.

Previous rendezvous’
Some of the biggest banks in the world initially outed themselves as cryptocurrency skeptics.  In 2017, Jamie Dimon, CEO of JPMorgan Chase, said that Bitcoin was a “fraud” and that any employee found to be trading it would be fired for being “stupid”. Even as late as April 2018, Deutsche Bank called for a regulatory crackdown on cryptocurrencies, arguing that assets like Bitcoin can lead to an increase in fraud and cybercrime.

Both Dimon and Deutsche Bank have had a change of heart since then. Dimon announced that he now recognizes blockchain’s potential influence on the future of global financial systems, and JPMorgan have released their own blockchain, Quorum.

Deutsche Bank released their Imagine 2030 report, which outlines predictions from top bank officials for the decade ahead. In this report, Deutsche Bank officials make the case for mass adoption of top cryptoassets, like Bitcoin, by 2030.

https://www.youtube.com/watch?v=WjzgQpTRSTg&t=10s

What’s in the report?
The Imagine 2030 report states that digital assets “have not managed to take off as a means of payment despite their well-known benefits, such as security, speed, minimal transaction fees, ease of storage and relevance in the digital era.” They go on to outline how this can be overcome, as regulatory hurdles from banks, financial service providers, and governments are eliminated by the common goal to get cryptocurrency to go mainstream.

According to the report, led by Jim Reid, Head of Fundamental Credit Strategy and Thematic Research, “If one of the GAFA [Google, Apple, Facebook and Amazon] (or their Chinese counterparts BATX [Baidu, Alibaba, Tencent and Xiaomi]) for example are able to overcome regulatory hurdles… this would broaden the appeal of cryptocurrencies, hasten their adoption, and give them the potential to eventually replace cash,”

https://www.youtube.com/watch?v=0DNkFaBOZ5g

The current global financial system is broken. There’s no denying that. According to the Imagine 2030 report, the system is “fragile” because of “decades of low labor costs” and inflation. Over the next 10 years, things will likely change - the current fiat system is unsustainable for working and middle class people, and “demand for alternative currencies, from gold to crypto, could take off.”

https://twitter.com/jespow/status/1128029728437260289

According to Deutsche Bank, there are three main obstacles that will need to be overcome in order for crypto to go mainstream:

- Cryptocurrencies will need to “become legitimate in the eyes of governments and regulators.''
- The second hurdle would be to bring “stability to the price, and bring[ing] advantages to both merchants and consumers.” Cryptoassets are volatile, so naturally this would be outlined in the report.
- The third hurdle must “allow for global reach in the payment market,” so, ““alliances must be forged with key stakeholders – mobile apps such as Apple Pay, Google Pay, card providers such as Visa and Mastercard, and retailers, such as Amazon and Walmart.”

However, Deutsche Bank also admits that these “solutions” open up new issues, that could lead to cyberattacks, other digital security concerns, and “basing a robust financial system entirely on electricity consumption,” (cryptoassets aren’t exactly environmentally friendly - check this out.)

The report goes onto cite growing privacy concerns as a reason that cryptoassets could become the “21st-century cash”. “Nearly two thirds of consumers prefer dematerialised to cash payments and a third are concerned by anonymity. These are the two things that cryptocurrencies do best,” the report states. Although there are coins that are total privacy coins, Bitcoin and Ethereum (the two largest coins by market cap), don’t fall into that category.

Banks are bullish on crypto, so now’s the time to get into the market. Whether you want to buy Deutsche Bank stocks or Bitcoin, get your foot in the door with the world’s largest social trading platform, eToro.

Mass adoption in the 2020s?
Banks are bullish on crypto, and that’s good for the industry. As we close off the decade, we’re still nowhere near mass adoption. However, with many banks, governments, and regulatory bodies seemingly warming up to the idea of cryptoassets, we could be in for a very good run in the 2020s. Deutsche Bank’s Imagine 2030 report is really only a small taste of what’s to come.

https://forums.nakamotonews.network/t/banks-are-bullish-on-crypto/2228

aren't they are bullish on the blockchain to be developed as the core for their platforms in the future? If they are seeing crypto will be very bullish and the requirements that crypto must be fully regulated to make it happen. There is a lot of parties that are still contradicting the existence of the cryptocurrency.
I can't say if banks are bullish on crypto as there are only a few banks are saying like that but almost all of the banks are still considering crypto as a threat.
Just hope they will change their mind about crypto ASAP.

Banks are bullish on crypto? I don't think so, I think banks will only have interest in Central Bank coins which are centralized cirrencies, 2020 will be the year of central bank digital coins, bitcoin halving is the only next thing I'm looking forward to this year

that is true some of them are supporting it but it does not mean the majority are, only a bank that its country supports cryptocurrency thinks it this way.
for the majority, cryptocurrency is a threat for them because we can use it freely without the needs of third party interference and they do not have full control over it.

Banks can never be bullish on decentralized crypto like bitcoin that is eliminating middle men. Banks can only support centralized crypto like xrp that favours them. Same for blockchain, I think banks are doing good with there current infrastructure they will go for only private blockchains if required in future.

I think its a confusing sentiments about banks saying that they are bullish on crypto,at first the banks treated cryptocurrency as a competitor particularly the decentralized cryptocurrencies, i can recall before that most of their ranks are hostile towards cryptocurrency particularly bitcoin and calling it a scam,bubble,fraud etc. but i'm not disregard the fact that some of cryptocurrencies has a bank partner or client particularly the ripple(XRP), for that matter i might say that it was just a misquoted line saying"Banks are Bullish on crypto" that was my opinion.  

Of course they are bullish on private, centralized blockchains. They always have been. They are against permissionless currencies that crypto is all about. I haven't seen them changing their policy on that.

Always make statement with bank position become bad impact for bitcoin where many investor said bank have been bullish on crypto, keep mind how to get deposit and buy bitcoin without get bank support when we make deposit cash money to bitcoin local exchange account, without  bank we can't invest and get profit at bitcoin and altcoin investment, we need give positive value for bank keep support and connected with exchange bitcoin account.

Bitcoin's first application was born. Banks initially hated Bitcoin, but now they like it because banks know if they continue to no longer accept blockchain. In the future, they will definitely be abandoned by the times. The emergence of the economic crisis and the role of banks, so I think banks will never like Bitcoin. We should read more books, such as currency wars. This allows us to better understand the history of currency development.

Banks are not bullish on crypto, Banks are regulated by the governments & non-government currencies such as Bitcoin, Ethereum, XRP etc are threat to their power. Since crypotocurrency market is showing huge growths despite some ups & down, seeing this tremendous growths banks are changing their stance because they came to understand they can not stop or control digital currencies. That is why they are coming up with the centralized stable coin which can be easily regulated, monitored & pegged to fiat currency. That is why governments stopped further development of Facebooks Libra project & due to increased scrutiny from government regulators some of Libras partners such as Visa, eBay, MasterCard and PayPal abandoned the project.

So they are going to destroy themselves by commenting that cryptos will become adopted in main stream? We may not need anyone like trusted third party for making transactions.

But even if they comment it or not this decade is going to be next level adoption of cryptos,more services will grow up and also the regulations from different corners.

I really don't think that it is cryptocurrency that the banks are bullish on but instead the technology behind cryptocurrencies like the Blockchain and the consensus algorithms. Last time I checked, banks were uneasy about the idea of cryptocurrency and within the past some banks even gave their customers trouble who transacted using cryptocurrencies. 2019 helped segue adoption and regulation because the big boys like the SEC, CFTC, and IRS were clamping down, issuing statements, and releasing small spurts of guidance here and there signaling that the crypto sector was finally being recognized within the law, so hopefully full regulatory guidance is not too far off.

Basically to remain in the mainstream and to sustain their works and jobs, there is no way they could possibly deny the existence of cryptocurrency and the blockchain, it might impose a threat to them at this current times, but in the future it will turn to be a harmonious organization of banks and crypto space without interfering with the system of cryptocurrencies thus, I probably hope banks to adjust themselves with technology or else, they might be left behind with the development.

Crypto does not need banking, but it is banking that requires the technology owned by crypto, blockchain. without banks, the crypto can still be bullish, even a good news can trigger bullish.

Mass adoption has not yet been achieved, but it is not as easy as imagined and takes time to make it happen.

I won't be one of those who think that banks is gonna be using BTC or Ethereum or any other Blockchain we see right now, they'll develop their owns for sure.
YES, this is also is gonna be huge for crypto, make it more mas adopted, people ill know about this Bliockchain technology.
I would take this " Banks ill adopt blokchain technology " from an advertising point of view for the whole crytohpere, that's all. YES it('s gonna be huge too.

Strongly agree. actually they need crypto, but their perspective is wrong, and for now they are starting to realize little by little. for this time I am sure there will be major changes in the future, and start preparing to take advantage, because we were the ones who entered this industry earlier. we are just waiting for time.

We all agree that banks backed by governments are enemies of bitcoin and decentralized blockchain. If bitcoin and its blockchain got high adoption worldwide then who will care for banks and there game will be over.

Banks have recently started understanding the advantages of money transfer through crypto on cross border transactions. Especially xrp is doing great success in making Banks understand this. We may see some centralized coins by Banks run by governments.

if the bank believes in the blockchain they own, or confidently considers crypto as an asset. only need to see the time for testing and verification. rumors will not produce permanent sentiments if they always revolve in opinion. The things that I am sure of are that they remain in consolidation as organizers to facilitate third parties legally, and are beginning to incorporate elements of stable coin preparation that have been made in such a way. There is no overall bullish element, because they still prioritize active control.

For me personally, I do not think the banks are bullish, I think the banks are finding a way of encompassing the blockchain into the banking industry to facilitate quick and instant transfer without creating a token

Banks do not agree with the volatility crypto brings, so wouldn't want a token to worry about.

Just my thoughts, let's learn more on the thread

I understand your post but don't get it in the title. Bank created to help government manage ( control ) money circulation. their activity never give impact into financial economy in specific/ global market. This time they only try to adopt blockchain with government regulation, if already exist. There's no specific movement from bank that can be used as indicator/ sign that " Banks are bullish on crypto ". Just stay calm, read again the articles and find the best point of view from their side not yours.

Actually banks don't like the presence of cryptocurrency, but because cryptocurrency has a blockchain technology that can store every transaction that can be seen easily and safely, so they want to adopt this technology, it might seem easy for banks to adopt cryptocurrency by making a stable currency, but banks will always comply with the regulations of each government where the bank is located, this situation makes it difficult for mass adoption
https://www.prnewswire.com/in/news-releases/bca-brings-blockchain-technology-into-indonesia-s-prestigious-digital-economy-market-840913540.html

Of course they don't like decentralization. Its going to take them out of the picture and this is why they only supported blockchain technology for their stablecoin. These stablecoins are going to be the ones backed by government which is the digital fiat. Its taking so long for them to release though, I have been hearing these for months like the China's digital yuan and France digital currency.

I'm finding this XRP to be in the middle and were to be used by banks according to the team.

I wouldn't say that a lot of banks are actually bullish on decentralised cryptos, because that obviously goes against their entire agendas. However, I do think that they are more than ready to trade these decentralized cryptos as long as it can turn them a profit.

Also, they have shown interest in blockchain technology from the start.

There should be a clear distinction however from using blockchain technology to actually adopting a decentralized cryptocurrency. The two are entirely different ideas.

I'm not sure there will be mass adoption, perhaps gradually because some of its innovations still need development. Like China that adopts blockchain for their governance. I also hope if there is legality so this new project will be legal if blurred or scam. Hopefully, the next few years become a change in the crypto industry and blockchain.

No, I'm sure the bank, even the government have never trusted cryptocurrency. Since the begin, they just wanted to get the benefit from blockchain technology and want to develop that future technology to their system.

For example, in China, they have many projects related to blockchain technology in 2020. But that not mean they are supporting Cryptocurrency on the media, news at now. Even, they have alerted cryptocurrency is a high risk for the investment.

I dont know if the opinion is personal, verified and confirmed, If it is true about the banks, maybe this is a revelation from few banks in the world and cant substantial. Since all banks are under the regulation of the countries central bank it might be difficult to put cryptocurrency ahead of fiat by banks in any country. However, as a financial institution that seek profits they can use fund in their possession to invest into the space, pay back the usual interest to customers and keep the gain.

Banks are not idiots, they know what they are against and they know that eventually bitcoin will eat up a lot of their customers money if they do not do anything about it. That is why German banks will be allowed to keep others bitcoins on their accounts for example, having bitcoin on a bank account would be a significant increase in demand for such a service.

You don't become a huge bank by just denying people what they want, if Germany is doing it now, France will do later, Spain will follow, USA will look at it, japan will do it quickly, so every country will follow as soon as German system works and it will definitely work for them. Believe me when I say this but all the upper management of big banks probably owns thousands of bitcoins on the side as well because they know whats about to happen to banking world.

The only people who would put their BTC on banks are the ones who don't know that they no longer own these coins. One reason why you would go for BTC is to completely avoid getting reckt by banks so why in the hell put it there, it negates the use of wallets that is suppose to be in your own control. It works as bank itself. But these German banks are probably bullish on crypto as they are going to ask fees from these BTC clients.

Exactly.

I don't think that banks are particularly liking of bitcoin, for obvious reasons since essentially they are competitors of each other with bitcoin potentially taking away a lot of the international remittance sector of their services.

However, the smart banks recognize that bitcoin's growth in the future is really going to be inevitable and it is wise to invest in this technology while it's still in its early adoption stage. That's how I feel about the banks' attitude right at this moment.

2030 is not that far and the adoption is keep increasing so we can say thanks to the entities that fully accept crypto currencies as digital assets like banks,governments,private sectors,exchanges and etc.

I can say a comeback this year as the graph of cryptos are almost green. Let's all welcome the year of bull and may the other entities who have hesitation about crypto currencies will start to rethink their side.