Bitcoin Forum

Bank of America this week has taken it upon themselves to be professional mud slingers and FUD spreaders against Bitcoin.


https://www.cnbc.com/2021/03/17/bitcoin-bofa-says-theres-no-reason-to-own-it-other-than-speculation.html

https://www.thestreet.com/investing/bitcoin-is-dirty-slow-volatile-and-impractical-bofa-report

https://www.businessinsider.com/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3


They are even going so far as to try to compare bitcoin inflows to carbon consumption, which doesn't make sense, presumably to try to make people feel bad for even owning or buying Bitcoin.

In a world, and corporate world and banking sector, that is moving more and more towards Bitcoin, BoA seems to want to stand out as a dinosaur that still just doesn't get it.

Is this something surprising nowadays? No its not and its been a typical thing for those kind of FuDs where these banksters do usually spit out into their mouths but who knows
that aspite of those words given out but they are secretly buying instead or just trying to make out fud for them to buy cheaper coins? Who knows right?
This had been a typical words for those banks because they dont really like bitcoin since from the start and now even more when it is already getting
some recognition by the masses and by those big companies around.

This is so hypocritical when you consider the fact that the finance & banking sector is probably one of the most decadent industries when it comes to environmental friendliness.

Though, I'm not sure what else to expect from these old economy institutions at this point. They are going to be pumping out these pieces deriding BTC no matter whether BTC's fundamentals improve, deteriorate, or go sideways.

Just ignore the FUD that is being put out there and trust your own investment thesis.

Coming soon to your screens: BoA buys $1 billion bitcoin.

Seriously. How many have we already seen that say things like this and after a while they succumb?

The amount of FUD related to bitcoin using more energy than some countries (f.e Netherlands) is super low. 1 bitcoin transfer uses as much energy as whole single-family house needs for 2 days.
I'm surprised why every single green organization isint targeting bitcoin. Why Greta Thunberg isn't screaming "we should ban bitcoin"? The only explanation for that is ... nobody cares about the environment every green organization cares only about bribes from big companies. Rich guys game. Green organization are only pawns in the game Corpo vs corpo. And big organizations has no profit from attacking bitcoin. And there is no way to attack it before its fully regulated (KYC to own bitcoin address that is allowed for crypt to fiat transactions)

Possible.

What I remember is the JP Morgan when they used to do the same thing for bitcoin. Bringing FUD to the people and community and just as after a few months, they've announced that they'll be launching their own coin and suddenly likes bitcoin and cryptocurrencies.

This is very likely for the BoA's stand about bitcoin.

Many times.

As the saying goes, "First they ignore you, then they laugh as you, then they fight you, then you win". That's what happen it 2017's bull run and is happening right now. They have so many arguments before and now, and it's old, it's rehearse that I just ignore them. Of course, we get frustrated when this FUD affects the price, but it's just short term though. In the long run, bitcoin will win.

Banks only hate Bitcoin until they figure how to make money off it. The moment they offer their customers Bitcoin deposits, custodial services, crypto investment portfolios and other products, they will all become Bitcoin bulls, because they don't really care how they make money, as long as they make them.

Banks are still on the state of denial with Bitcoin, they can’t accept the fact that Bitcoin over taken them already and for them to survive, either to adopt it or to invest with it. Sooner or later BoA will issue a statement supporting Bitcoin and more cryptocurrency, this is inevitable for sure and if they go early, they can make money and that makes them more like a bank.

Because they don't want to lose their clients.
They only want the money of their clients to put in their own pockets. Spreading these kinds of news to newbies or other people who are still not into crypto will probably get panic. But if you asked for those people who already experience the volatility of Bitcoin or cryptocurrencies, they will say it is normal.

They can still make money and not lose their clients by offering bitcoin.


Or maybe they have clients already and they want to make more money, by spreading FUD so that the price will go down, they can buy cheap. It's a classic technique, made famous by one bankers as well, Jamie Dimon.

That's nothing new. Every time that the bitcoin bull market is starting to grow in size and speed the FUD also grows in amount and speed of spreading. In fact you could even use the number of FUD in the media as a very good indication for your price speculation every time with a very good accuracy! During these FUDs the banks are always leading the march.
If you look back at 2017 or 2013 we had the same thing. For example JPMorgan CEO was leading the FUD back in first quarter of 2017 that the bull market was growing fast.