Bank of America Closes Ex-PayPal CFO’s Account Is One Reason to Consider Crypto

[cheezcarls]

Prominent Venture Capitalist, Roelof Botha, has tweeted that the Bank of America has closed his account with no explanation and on very short notice. With such censorship control as this, Bitcoin and digital assets continue to stand as an alluring alternative.

Botha, a Sequoia Capital Partner and former Chief Financial Officer of PayPal tweeted that after having been a customer for 20 years, America’s second-largest banking institution, the Bank of America, has closed his account with no explanation. This comes at a time where a censorship-free banking alternative exists in the form of Bitcoin and other cryptocurrencies.

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For me, this is very unprofessional. Closing a bank account without further explanation? At first, I highly respect Bank of America on who they are, especially when sending international payments for my commissions in a company that I was working before. But when it comes to closing down a bank account without noticing the account owner in a professional manner, it was unacceptable.

This is why I never stored any funds on bank (or even consider saving there). I keep them in my hardware Bitcoin wallet to ensure that I will be in full control and no one does.

This is another reason why people like us should consider an alternative by storing our hard-earned money on a crypto wallet that no governing body or bank is controlling my funds. I believe this is now the right time for those who are still skeptical about moving funds from bank to Bitcoin. They just need to be educated and spread the word about Bitcoin to enlighten their minds and swallow their pride.

[avikz]

It's definitely unprofessional! But I would like to focus on few points raised by you!

This is why I never stored any funds on bank (or even consider saving there). I keep them in my hardware Bitcoin wallet to ensure that I will be in full control and no one does.

Great! But how do you spend on your daily life? Like buying groceries or buying medicine or eating out? If you stay in Japan, then it's easy for you but if you are not staying in Japan, then how do you actually spend your bitcoins?

This is another reason why people like us should consider an alternative by storing our hard-earned money on a crypto wallet that no governing body or bank is controlling my funds. I believe this is now the right time for those who are still skeptical about moving funds from bank to Bitcoin. They just need to be educated and spread the word about Bitcoin to enlighten their minds and swallow their pride.

There's no challenge in understanding or educating the people and pitch them cryptos. But the main challenge is with spending! In today's world, it is impossible to live in an urban area without having a bank account. Majority of the countries have local laws that prohibits its citizens from keeping cash beyond a certain limit! So when you are soliciting for not keeping a bank account and use only bitcoin, please let us know where to use it for daily expenditures!

I too strongly belive in using bitcoin instead of having a bank account! But the ground reality doesn't support such initiatives! We are still at the mercy of banks!