Australian Bank Westpac Invests Millions in Coinbase

[Bitcoinpro]

Westpac has been linked to a VC investing in Coinbase

http://www.computerworld.com.au/article/578624/westpac-invests-bitcoin-startup/

[vengeful]

The potential of bitcoin and other digital currencies in Australia is currently the subject of a Senate inquiry.

Does this means time is coming when Bitcoins gonna be recognized as much a reliable currency as its fiat counterparts. Couldn't be more excited about this. If Australian government is showing an interest in such electronic currency trading and exchange service providing establishments then its a good sign that soon (not too soon I guess) other countries might follow.

[Yakamoto]

Well there's no harm in investing in a company that you think is going to turn a profit, and subsequently hope that it will turn a profit and work for its success.

Evidently they think that coinbase has the potential to earn some money from their service, so it seems like more people are becoming interested in investing into Bitcoin startups. This is good, it shows that there is less worry about these startups succeeding, and more worry about how much of a profit they can return to their shareholders.

[EdenHazard]

Westpac has been linked to a VC investing in Coinbase

http://www.computerworld.com.au/article/578624/westpac-invests-bitcoin-startup/

this is good news,if this was true,Australia is a big country,and i am sure if this really happen,bitcoin will have better place in Australia.  and also Westpac is big Bank,its really good to hear this news,i hope really happen if they consider/accept bitcoin soon.

[goodone99]

As an Aussie  I look to the day that Bitcoin is accepted in Australian Banks.

[franky1]

remember they are investing into a company.. not buying bitcoin directly

[vengeful]

remember they are investing into a company.. not buying bitcoin directly

remember they are investing into a company.. not buying bitcoin directly

But investments are made with the hope of earning profit. It doesn't mean that they should directly buy Bitcoins. Their investment in a company related with cryptocurrencies is enough to garner positive hopes for the future of Bitcoins in Australia.

[strayanbit]

Yeah Westpac is not related to the australian government.. But it is our biggest bank, and also big by world standards, so could be interesting going forth. 

[Bitcoinpro]

remember they are investing into a company.. not buying bitcoin directly

Westpac deposits money in VC accounts

VC invests in Coinbase = VC opens coinbase account and purchases Bitcoin

Conclusion

Westpac Bank now has direct claim on Bitcoins

they are the majority owner of the VC read the story

[franky1]

remember they are investing into a company.. not buying bitcoin directly

Westpac deposits money in VC accounts
VC invests in Coinbase = VC opens coinbase account and purchases Bitcoin
Conclusion
Westpac Bank now has direct claim on Bitcoins
they are the majority owner of the VC read the story

read the red line...thats where it falls flat..

VC's dont hoard bitcoin they take profits in fiat.
banks dont hoard bitcoin.. its in their regulations.
the same regulations you and others mis-interpret to say that its banning citizens when its only banning banks from hoarding.

separately
im glad banks see the benefit of this new economy and they see they can make fiat profits from it. it shows they are not against this (they deem) new foreign currency.
but this does not mean banks will be trading bitcoin itself as a financial product to offer its customers.
the banks will stick to fiat profits as their regulations only allow that

still good that they are positive about the blockchain currency which is foreign to them

[NorrisK]

Even though they may not buy, hoard or be involved in bitcoin directly, them investing in a bitcoin company shows the rest of the world that they have trust in the underlying mechanism on which the company is built.

If they did not believe bitcoin had a chance to survive, they wouldn't invest millions in a company that has its business case built around bitcoin.

[Kakmakr]

We have been receiving a lot of conflicting reports from the Australian banks. One the one hand, they are banning the accounts of people dealing with Bitcoin and they are fighting companies in regards to anti-competitive practices and now they are investing in Bitcoin companies. This is getting very weird.

[senyorito123]

i think bitcoin someday will over populate dollars

[Amph]

i think bitcoin someday will over populate dollars

Except there will only ever be 25 million Bitcoins.. minus lost wallets.

why 25? they are 21M, i forget the exact number, minus around 3M lost coin, you are at 18M at best

then add those coin that will never be sold until a certain high value...

[~Bitcoin~]

i think bitcoin someday will over populate dollars

If your Over populate mean replace than i doubt it gonna happen in near future.

Next step for westpac may be accepting bitcoin, if that happen it will be nice to get atleast one bank that accept bitcoin.

[franky1]

Next step for westpac may be accepting bitcoin, if that happen it will be nice to get atleast one bank that accept bitcoin.

banks CANT

its in their regulations
again

BANKS CANNOT OFFER BITCOIN AS A PRODUCT OR SERVICE DIRECTLY TO CUSTOMERS!
BANKS CANNOT HOARD BITCOIN DIRECTLY,


in short a bank will never, under current regulations ask a customer for a bitcoin address or display to customers a bitcoin address to deposit or withdraw funds.

thats why you have to rely on third party services