Crypto threatens Bank of America?

[lopez cryptomania]

I realize this news came out 2 days ago however I love this! Bank of America in fear of crypto as a business risk, ha them bastards deserve what's coming next because they and all the other banks have been screwing us in the billions of dollars in bs fees and penalties annually, not to even mention the trillions of dollars they have tied up in their junk CD's and savings/bank accounts. Here's a link to the article for more info: https://www.coindesk.com/bank-of-america-cryptocurrency-risk-factor-annual-report-10-k/

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[amzadabir]

One of the world's largest financial institutionsadmitted in its annual report that cryptocurrency is a looming threat to its business model. According to a report filed with the SEC by Bank of America, "Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of clients to do business with us."

[CHENIEN]

This is something a news that affects cryptocurrency business, although many times I heard a news about banks banned crypto business, but until now cryptocurrency business still exist. Maybe all threats are form of any personalities from governments to force cryptocurrencies pay taxes. If we try to think, why there are some forms of threats, maybe it is only a strategic way in cryptocurrency business, and we don't know the reality or the truth, because we are only a crypto enthusiasts, because the reality and truth is beyond the creator only.

[Tom Korsteng]

Nothing threatens this bank. Governments kill any thing that can damage the system that's why bitcoin is not a threat

[pogiparin]

What scares bank of america is that people would rather invest on crypto rather than on bonds. This would slow down the growth of the economy since cryptos are not yet included in a country's economic system.

[Lampaster]

All people should understand that by giving money to save banks, they lose control over them. Bankers use it and didn't notice as lost control of a situation. Bitcoin has received support because people understand this and do not want to trust their money to banks. This destroys the traditional banking market and deprives banks of income. We are facing a colossal banking crisis. The Bank of America understands this and now a war against bitcoin will be organized. I hope we will win this war.

[syaripudin]

actually crypto is not a threat, it will be a new opportunity for system bank this is said based on research from one of the analysts City Research. paul vigna from the journal WallStreet has even written from his research that basically bitcoin is proof of concept that is quite successful in digital currency but most banks are not interested in decentralized crypto currency system for several reasons, especially taxation issues.

[joanshu]

It is foolish to think that the banks see crypto as a threat as the banking activities are not just about making investment and dropping cash into fixed deposit other than investing money on banks there are lot of facilities which the bank provides they are like giving loan and they accept deposits from the public and give them interest for their deposit and the value of amount we deposit in the bank is not affected by any market change and the depositor is entitled to get interest based on their value.The banks has high financial stability and so banks are highly regulated in most parts of the globe.As far as crypto being threat for the bank is something which i feel as foolish as crypto are just investments and their markets are never stable.

[JerryJam]

The second largest Bank in America sees cryptocurrency as a serious threat to itself. He considers bitcoin as its rival.All banks play the role of mediator. If clients prefer cryptocurrency, they will lose the ability to control financial flows and lose some profit.Banks will have to allocate huge resources to preserve competitiveness.Recently, the Bank banned the purchase of cryptocurrency from credit cards .But a purchase with a debit card no limits.

[alyssa85]

One of the world's largest financial institutionsadmitted in its annual report that cryptocurrency is a looming threat to its business model. According to a report filed with the SEC by Bank of America, "Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of clients to do business with us."

They are being realistic - good for them. It's better than JP Morgan's approach which is to pretend cryptocurrency will collapse and go away.

[Palmerson]

One of the world's largest financial institutionsadmitted in its annual report that cryptocurrency is a looming threat to its business model. According to a report filed with the SEC by Bank of America, "Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of clients to do business with us."

They are being realistic - good for them. It's better than JP Morgan's approach which is to pretend cryptocurrency will collapse and go away.

We do see that there are two opinions among bankers. Realists who understand that they are not competitors for cryptocurrencies and the era of banks ended after the appearance of bitcoin. Optimists hope that bitcoin is a bubble. They wait for the bubble to burst and the banks to regain their monopoly in the financial market. But they will all fight with bitcoins. We need to be ready for it. Our most vulnerable spot is Fiat.

[Johnyz]

All people should understand that by giving money to save banks, they lose control over them. Bankers use it and didn't notice as lost control of a situation. Bitcoin has received support because people understand this and do not want to trust their money to banks. This destroys the traditional banking market and deprives banks of income. We are facing a colossal banking crisis. The Bank of America understands this and now a war against bitcoin will be organized. I hope we will win this war.

Saving on a bank is a total waste of time, money and also opportunies. Almost all banks feels threatens by cryptocurreny that’s why some of them are doing well to ruin cryptos just like what JpMorgan did but later on invest on it. I hope banking system will adopt this technology and continue to improve their services.

[taiwww]

I realize this news came out 2 days ago however I love this! Bank of America in fear of crypto as a business risk, ha them bastards deserve what's coming next because they and all the other banks have been screwing us in the billions of dollars in bs fees and penalties annually, not to even mention the trillions of dollars they have tied up in their junk CD's and savings/bank accounts. Here's a link to the article for more info: https://www.coindesk.com/bank-of-america-cryptocurrency-risk-factor-annual-report-10-k/

It is now peoples choice how to use their money. To be honest when we earn money then it is our own property and its upto us how to use it and where to store it if you are properly paying the taxes. Anything left after that is our own and we can keep it as cash, gold, stocks and now with all new advancement we can use the crypto currency. This options has been loved by almost everyone of us and thus we are making the choice now. This is not loved by the bank itself and thus your statement is what we are looking at now. The American banks are indirectly getting threaten I guess but if they have to make the good choice then must collaborate with the whole thing. 

[mostkey]

In fact, not only Americans, almost all countries feel threatened by the existence of crypto, but for some countries it is a reference to adopt the crypto payment system, and it would be positive if all the countries that feel threatened by the existence of crypto, turn to adopt crypto

[chuongvannguyen02]

What scares bank of america is that people would rather invest on crypto rather than on bonds. This would slow down the growth of the economy since cryptos are not yet included in a country's economic system.

The crypto attracted more investors than the bonds of the banks. But this is becoming increasingly complex as investors turn their back on stock trading. It makes banks increasingly lack capital from investors because more and more people withdraw their investments to invest in crypto.

[Fazlurkhan.kz]

Anyone attached with cryptocurrencies by investing in it or having some shares in it has complete control over their money and that is what banks are concerned and worried about. As this will completely eradicate the middleman that is the bank. Which will stop filling pockets of the group of people who somehow run the country by the taxes and all other penalties they give. This will lead to their destruction which they don't want and that's the reason they oppose it so much and it's a threat to the banks.

[cynical]

"Bank of America has cited cryptocurrency as a material risk to its business"
which means less money for them to make off charges etc.

"and force the company to spend more money to keep up with the times"
and who will pay for all this? their customers.

"Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds,"
thats one of the reasons we use cryptocurrencies

[Donceng]

any bank in any country will surely feel threatened by crypto presence, since many of its customers are switching to bitcoin investments. and the bank will experience decline in assets in currency circulation. with the existence of this bitcoin the banks always give a warning (prohibition against bitcoin).

[krauzzer02]

any bank in any country will surely feel threatened by crypto presence, since many of its customers are switching to bitcoin investments. and the bank will experience decline in assets in currency circulation. with the existence of this bitcoin the banks always give a warning (prohibition against bitcoin).

Worst scenario some of our local banks forces some accounts to close and block why? cause the hard made money is from bitcoin and other forms of cryptocurrency if they've detected that your depositing quite amount of money through their bank then the source is from cryptocurrency, they will close your bank account without any notice or warnings from them, they will not listen to your valid points, the bank will just say I'm sorry but your money is from bitcoin we have no choice but to close your account, stupid reasonings at all they feel threatened but they are not doing their job to keep the money safe from the manipulation, instead they will use their authority to supress their competitors.

[budakjawa]

I realize this news came out 2 days ago however I love this! Bank of America in fear of crypto as a business risk, ha them bastards deserve what's coming next because they and all the other banks have been screwing us in the billions of dollars in bs fees and penalties annually, not to even mention the trillions of dollars they have tied up in their junk CD's and savings/bank accounts. Here's a link to the article for more info: https://www.coindesk.com/bank-of-america-cryptocurrency-risk-factor-annual-report-10-k/

it looks like American banks are scared because they realize that everyone can keep the assets they have in cryptocurrency and do not need the focus of the bank, and automatically it will likely be some loss from its customers.