Banks do not want bitcoin to become popular

[noormcs5]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. 

[avikz]

Tell us something we don't know!

It's an well established truth that banks don't like bitcoin or any other cryptocurrencies. Because cryptocurrency system has the power to directly challenge bank's dominance. So it's no wonder that banks do not like it in any shape or form.

Warren Buffet, Jemie Dimon and many other central banks have always raised their voice against cryptocurrency and it will continue to happen! We just need to ignore such things!

[serjent05]

It is obvious that banks see Bitcoin as a competitor, as a competitor they wanted it to crash so that more people will flock to avail of their service.  Many banks' financial analyst has been speculating and predicting that Bitcoin's value or price will plummet and advise investors who are involved in Bitcoin trading should cash out and invest in traditional stocks instead where they can assess and profit from it.

I believe it has been an advocate of banks to throw mud on Bitcoin every time its price fluctuate, whether it surge or plummet, banks always release negative thought about Bitcoin.

[AbuBhakar]

This known facts since the existence of Bitcoin because Satoshi wants a decentralized financial world which obviously an anti bank movement. It’s too late know for bank to lessen the popularity of Bitcoin it was being adopt already by many counties including US. Banks is starting to adapt on it and using the blockchain to match Bitcoin with there CBDC that use private blockchain.

Banks will never beat Bitcoin since people will choose decentralized over centralized in long term perspective.

[Woodie]

Manipulation of price, underpricing of cryptos you name it, this was always going to be the price to pay for leaving the doors open to the so called investors who knew very well that bitcoin and other cryptocurrencies are disrupting their source of wealth and they had to slow down bitcoin from inside out to safeguard their assets from this competition!

But change is inevitable, they can slow down the process but the revolution is here and anybody opposing it will lose out.

[CryptoHeadlineNews]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin.  

I'm not a crypto analyst, but the year 2022 wasn't fair for people into Bitcoin due to it's constant bear market and huge attack, which banks know that too well. So to me, I see this as a strategy by banks to scared people away from Bitcoin into preferring banks with a false prediction as we journey into the new year. But moreover, it's no longer a new thing, as it's been a normal routine about banks spreading fake news about Bitcoin just to install fear into the minds of people, of which their main targets are always newbies who have little or no knowledge about Bitcoin. But despite what, Bitcoin will always prevail irrespective of the market turbulent movement.

[cheezcarls]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. 

And they can't do anything about it. Whether if they like it or not, Bitcoin will eventually go popular and it cannot be stopped. They have two choices to make.  It's either they ride with or being left behind. If they can't beat Bitcoin, they would eventually gonna join and embrace it in the future.

Like in the Philippines, UnionBank instead taking the right approach to co-exist with Bitcoin instead of being against it like most of the banks. Although most banks are against Bitcoin and crypto adoption, but a few others are seeing it as an opportunity.

[Nrcewker]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. 

Banks are just another body of government. Due to the decentralised nature of Bitcoins, no government can control Bitcoin, that is they cannot impose tax on it. This is the reason for which the government is against Bitcoins, and not making it as a legal tender. They advising all the banks to thoroughly moderate all the transactions associated with cryptocurrencies. Basically people using cryptos over bank due to the financial freedom. A day will come when banks and government Will understand this.

[Yatsan]

I doubt banks would be afraid of Bitcoin's popularity. Ofcourse fiat (as offered by banks) would be more used because it is simply more widely acceptable than cryptocurrencies as supported by governments. No matter how popular cryprocurrencies become, banks would still be there for people who are not interested to this technology. Why would be people not interested? Risk, complexity of chains, and such. Not all people are knowledgeable of how blockchain works and teaching them won't aid this gap especially if they are not really interested with it (such as with old people). But that's fine, as long as people of this industry are making use of this blockchain technology in accordance with their purpose, either investment or currency matters.

[NdaMk]

These are all conjectures, and we've grown accustomed to hearing them. If there are no such speculations, the market will appear uninteresting. People can say whatever they want now that there is freedom of expression all throughout the world. The hatred surrounding bitcoin has allowed it to survive despite all of the rumors. The more theories there are, the more successful it appears to be in the perspective of those who despise its existence. They can't centralize it, so they have to accept as it is.

[buwaytress]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. 

Don't worry. This is the same list the bank likes to do, which contains surprises that may or may not happen (it includes things like Biden getting impeached). It's not exactly unfounded, since they see tech stocks being the trigger with multiple bankruptcies in the forecast (we already know the biggest ones are laying off big time).

So it's not a "wish" as you say, neither is it a "reality", but a worst case scenario. And really, if that's the worst, expect a huge bounce from 5k.

It's not as bad a FUD as media has made it out to be, it's really just predictions. The same team predicted a USD/CNY pact in 2019, and then Covid happened, and they predicted 2022 to be not just Covid recovery but accelerated growth in global economy too, and we know how that turned out heh.

[Iroh]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. 

There has always been predictions about bitcoin’s doom and downfall. Banks as well as financial markets predictions are never in favor of bitcoin. They see bitcoin as a threat as they couldn’t make any make any profits holding peoples coins and so, they’re automatically against it.
I’ve seen numerous negative predictions and forecasts about bitcoin and it’s price. Predictions that always turn out wrong. With the number of times bitcoin has supposedly died and miraculously risen over and over, it’s no surprise there are folks who would choose to “worship” bitcoin.

[Little Mouse]

No bank would ever be happy to see bitcoin a success as that will minimize their fraud business scheme. I'm not surprised.

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$.

Well, I'm not surprised that they said that and it's nothing of surprising prediction. Don't you think Bitcoin may reach at this level? I think it's very much possible too. We have seen huge ups and down in Bitcoin price from the very beginning of bitcoin.
PS- I'm ready to dump whatever I have @$5000/BTC 

[Kryptowerk]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin.  

This seems like a pure FUD post.
First of all, using common sense should make it clear, that if BTC were to drop even lower than now, there are quite a few very wealthy potential investors, happy to jump in waaaaay before $5k. Around the 13k mark, 11k mark 8k mark... etc.
Secondly, like everyone is already stating: Oh, a bank spreading FUD about Bitcoin. What's new exactly?.  

And if you already post a screenshot of some random mainstream media blah-article, at least link to the full article so everyone can get some context (if there is any).

[mindrust]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. 

Of course they don't... Bitcoin is creating an alternative to legacy banking. If bitcoin gets adopted widely, that would mean less legacy banking adoption and that means less bankers to have in payroll. They are desperately trying to secure their jobs by attacking bitcoin with the hopes of driving people away from it. Thanks to the internet, these strategies never work because people are informing each other and seeing through their scam easily.

I still think though legacy banking and bitcoin can coexist together. Bitcoin is not perfect enough to replace legacy banking.

[South Park]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin.  

As much as someone could dislike banks their reaction is completely natural, if you had a complete monopoly of a market then you are not going to like at all any kind of competition appearing out of nowhere, specially the kind that you cannot overcome, we have seen this many times in the past and banks somehow thought that they were immune to this kind of competition only to realize too late this is not the case, since bitcoin will get more popular regardless of what their wishes are.

[kryptqnick]

Banks can have different reasons for spreading FUD about Bitcoin. One can be that they want to decrease its popularity, but it can also be just to ensure that people keep trusting the banks and store money there, not wanting to risk with the volatility of Bitcoin. Also, it can be done, so that the price falls down as people engage in panic selling, and banks can buy low to sell high later. While Bitcoin is in principle a competitor of banks because it doesn't require them and thus empowers people, banks don't need to oppose Bitcoin: they can try to position themselves as crypto-friendly, offer to hodl the crypto funds of their customers or offer them to invest in Bitcoin. In any case, there's no reason to believe such predictions as $5k price, regardless of who makes them.

[Rana590]

Who wants to reduce his power by giving opportunity to others? Actually government wants to handle financial sectors but Bitcoin is a threat for banking system. Banking system will not be used regularly and it is huge losses for this sector. There will be a good competition between banking system and Bitcoin. In this competition Bitcoin will survive as it has different use cases and benefits. That's why banks do not want Bitcoin to become popular which is not good sign for banks.

[JohnBitCo]

Who wants to reduce his power by giving opportunity to others? Actually government wants to handle financial sectors but Bitcoin is a threat for banking system. Banking system will not be used regularly and it is huge losses for this sector. There will be a good competition between banking system and Bitcoin. In this competition Bitcoin will survive as it has different use cases and benefits. That's why banks do not want Bitcoin to become popular which is not good sign for banks.

Banks fear that if bitcoin becomes popular, people will withdraw money from the banks and put it in bitcoin and cryptocurrencies. Banks need money to run their business and if people stop depositing in the bank, the banking sector will come to an end. That is the reason why you will never hear any positive words about bitcoin from a banker.

[tabas]

Banks don't want to let the people know that they want to have bitcoin at a discounted prices. That's what I can see with this when they're starting to spread FUD or any price predictions that's quite low. Well, yeah, it's possible but that's probably the price that they would get more if it drops some more. Because whenever it is published to the media, it creates the selling pressure and when it does, there will be panic sellers that will make the prices too low but don't be too scared with such claims.