Banks do not want bitcoin to become popular

[glendall]

that fact has been present since the beginning of bitcoin right , and banks are the main competitors in the progress and development of bitcoin .
and if bitcoin reaches 5000 $ again it's not a reason people will leave bitcoin but instead it will be an opportunity to have more bitcoins for those who have more money and they are tired of banks and their rules

[Captain Corporate]

In my nation banks are getting ready to use blockchain actually. There are few banks that are getting ready to make sure that they are using blockchain for their system so that they would stay relevant a lot longer, and they would move to something that would work a lot better. Not working out so far, but they are at least trying and I applaud them for that. Obviously its going to take years before you could move an entire banks system into a blockchain, but to be even capable of thinking so far ahead this early on shows that banks are not against bitcoin, they love blockchain and they want to be part of this world too. After all, they just care about money, and if they can make money from this, they would love to.

[kawetsriyanto]

Bro 5000 $ is impossible if the Bitcoin somehow crass 10000$ it would be the start of a new bull run. It's crypto no one knows any think about it. But 5000$ is not possible.

It isn't impossible, but it is unlikely to happen because it seems too far from the current price. We know that Bitcoin never dropped instantly by a big percentage in a short time, it should drop gradually. The first period of bearish is almost over, the next year should be a better time for Bitcoin. It ideally increases to $17k+, not to drop to below $10k. We can predict BTC to increase deeper when we just begin the bearish season. But when it is in the middle of the bearish season, ideally the price to increase in the next few months. So, if Standard Chartered bank states that BTC to drop to $5k, it isn't because they know it from a certain analysis but it only FUDS to make people stay away from BTC investment.

What banks?

OP said standard chartered bank. Check again the thread on the first page!


@noormcs5, where is the link to the article?
I think you should enclose the link on the thread, it is needed to complete the picture.

[Despairo]

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. 

You're using inappropriate words here, the article only said it could drop to $5,000, not it will reach $5,000!

They only say Bitcoin is possible to go down as $5,000 but they're not sure 100% Bitcoin will drop to $5,000! I think it's possible since the last crash Bitcoin drop to $3,000 and no one ever predict Bitcoin would drop at such price! also since the global recession will happen in the next year, I wouldn't surprised if it's come true. The important thing is be ready what anything be happen, keep buy the dip!

[Davidvictorson]

Banks will do what banks do. If I were a bank, I wouldn't want a new virtual money to dominate me and take the power that wield over the people out of my hands. Never. I have been here since ages. I will threatened and if I cannot stop the rise in popularity of the virtual money, I will just go ahead to create my own digital version of the fiat to draw attention to me. But here's the thing, I am more concerned about gas and food prices that are sky-rocketing daily. I am also concerned about my almost noe-existent savings which keeps dwindling with the cost of living. In the end, Banks, government and the powerful people have no other option than to coexist with bitcoin.

[Sebas.tian]

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

I don't think, the charter bank statement will come through in this bearish season because it will be difficult for people to experience $5,000 next year were the price of Bitcoin has already taken a step to increase to $17,242 few hours ago in the market. We know that Bank is under centralized which they will never speak good about Bitcoin which is under decentralized, because Satoshi Nakamoto created Bitcoin to break the gap of third party which some financial institutions are not really happy about it. Now that the price of Bitcoin and cryptocurrency has increased little, I think there is a hope for people to see $50,000 January next year 2023.

[laurenB7742]

Why do we still care about this? These things have been repeated since bitcoin was created till now. Banks are just doing their job, they are centralized, and bitcoin is decentralized, they cannot speak well for their competitors, and neither can we. In the same way, bitcoin investors are also attacking banks every day and predicting one day they will also collapse and bitcoin will rule the world. Let them do their job, and we should focus on ours, accumulating bitcoins as much as we can.

[yhiaali3]

This is very natural, banks and bitcoin are completely contradictory, one of them must eliminate the other, bitcoin was found to eliminate the corrupt banking system, so it is very natural for banks to hate bitcoin and wish for its demise.

The logic of history says that there is always a struggle between any old system and a new one. In every era when people move from an old era to a new one, there is a strong struggle between the new and the old, but natural development will eventually overcome and end the old era.

One day in the future we will witness this resounding victory for Bitcoin.

[Bobrox]

Bitcoin is the biggest bank rival at the moment, if Bitcoin becomes more popular and widely used for long-term asset investments, of course banks will experience financial difficulties. Currently, the Bank's income is almost entirely from customer saving, if one day the customer prioritizes saving money in the form of Bitcoin, of course the Bank will experience financial difficulties and will have a bad impact on the bank's financial condition in the future.

Until now there are still many countries that do not want Bitcoin as legal transaction, this can have bad impact on bank consistency if Bitcoin has become legal currency.

[Kakmakr]

Since when do we worry about what Banks predict for Bitcoin's future? The Banks are threatened by Bitcoin, because Bitcoin is eating away it's market dominance, when it comes to financial matters. People see that it is cheaper and faster to use Bitcoin and Banks do not like that, because they milk people with high transaction fees and they control people's wealth. (Blocking accounts / Blocking transactions and feeding financial information to governments)

We as a Bitcoin community ignore these statements, because we know why it is made.... and we rather focus on Bitcoin adoption and improving the technology. 

[JeremyVivyan]

This bank is not a giant whale, and what he says is as baseless speculation as what ordinary people say.

[RAppleby]

Won't. Banks do not make any subjective assumptions, banks are not companies run by individuals. Even if Bitcoin is popular, they will function normally. Just what is the thinking of the state behind the bank we need to know. Some countries believe that Bitcoin has affected some of their own economies, and will try to prevent the development of Bitcoin, but the effect is not great.

[ethereumhunter]

It's not just the banks that don't want bitcoin to become more popular. Some people don't want it and continue spreading negative news about bitcoin to stunt its growth. But they will not be able to permanently inhibit the growth of bitcoin, especially if more people realize that its presence can bring changes to their lives. If those people can earn more money from crypto, not just bitcoin but also altcoins, then they will surely start to believe that the presence of bitcoin can really change their lives. They will invite more people to join bitcoin.

[LogitechMouse]

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. 
~

What do you expect with the Banks? They will say good things about Bitcoin. They know that Bitcoin is a great competitor of their business, and you expect that they will praise it? Of course, they will do the opposite of it.

Bitcoin to $5,000? I don't think so, the last time we saw Bitcoin at the $10,000 price was in 2020 and I believe that it would be the last time that we will see Bitcoin near or below $10,000. You know news media. They will make things and articles too exaggerated just to manipulate those newbies out there.

Banks might not want Bitcoin to be popular, but it is becoming already. More and more people are starting to use Bitcoin around the world though it isn't that much compared to how many people living globally. One thing is for sure though, Bitcoin will not reach $5,000 anymore.

[GigaBit]

Several years governments and financial experts in every country are keeping a watchful eye on Bitcoin's progress as they believe Bitcoin has the potential to upend the existing financial system as well as undermine the traditional banking system. Almost most countries' governments fail to regulate Bitcoin. They believe it is a financial system used by criminals.This can help citizens resist capital controls.They feel that viewing Bitcoin positively will never be complete until the ecosystem ্get the maturity.

The central bank of each country generally regulates the banking system of that country. Their main role is to regulate the safety and soundness and stability of the economy and its systems. They haven't earned that trust in Bitcoin yet. As a result they still discourage the use of Bitcoin. I think in the unlikely event that Bitcoin becomes more stable and a symbol of trust, banks will definitely come forward to use it.

No matter what predictions you make, Bitcoin moves at its own pace. The price of Bitcoin is determined by the potential and demand. Many crypto experts expect the Bitcoin price reach beyond its previous all time high.

[yazher]

This has been the case since bitcoins emerged in the financial industry and they became the number one enemies of the banks to the point that they create some confusion every time there is negative news about the name "Bitcoin". They are also always supporting movements that will say negative things about bitcoins but the good thing is, they are not getting good fruit of what they are doing because the truth will always prevail and people nowadays know that every scam and fraud out there has nothing to do with bitcoins because they also used it as their props to fool newbie investors and ignorant people.

[m2017]

Again and again you hear the same thing from banks. Almost nothing changes in their rhetoric, with the exception of some banks, which are radically changing their attitude towards btc. They said one thing, and now another. Is it possible to trust such financial institutions? In general, bitcoin has been a direct competitor for banks since its inception, and therefore it is not at all surprising that banks speak out negatively in an attempt to scare and alienate their customers from bitcoin. But the fact is that it looks ridiculous. Those who saw the difference between btc and banks have already left the ranks of banking customers forever.

[RockBell]

When it comes to banks, their self-interest is even more egregious they have been working on ways to stop cryptocurrencies, but it is not feasible. Banks view bitcoin as a threat, but personally, I prefer to invest my money in bitcoin rather than keep it in a bank, where there is no interest earned while the money is in your account and you have to pay a lot of fees. Even though bitcoin and banks serve different purposes but the same general purpose, I still despise banks. and I will choose bitcoin today and any other day.

[BigBos]

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.

True, something like this hasn't happened just once or twice in Bitcoin history, so my view is that this isn't something that should surprise me, as they usually do FUD at bad times to spread investors' fear for their money.

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.

Yes, banks and governments are one unit in co-opting global and local finance, of course, this is clearly their plan to scare us bitcoin believers, my analysis after they scared the crypto market, they will declare a CBDC shortly future as an alternative transaction tool as opposed to Bitcoin.

But my view is when people use CBDC as a legal means of transaction it will make people easier to access Bitcoin than FIAT money, why do I think that? because many people have made Bitcoin an investment asset, of course Bitcoin is easier to access with CBDC, In the end, Banks and governments will admit it.

"And maybe the goal of satoshi will be closer to making Bitcoin a non-central transaction tool when everyone understands what and why bitcoin was created"

[alexandr1115]

It's not just the banks that don't want bitcoin to become more popular. Some people don't want it and continue spreading negative news about bitcoin to stunt its growth. But they will not be able to permanently inhibit the growth of bitcoin, especially if more people realize that its presence can bring changes to their lives. If those people can earn more money from crypto, not just bitcoin but also altcoins, then they will surely start to believe that the presence of bitcoin can really change their lives. They will invite more people to join bitcoin.

This is the problem that Bitcoin is perceived as something unreliable and questionable! Because various projects based on the structure of network marketing make negative advertising to cryptocurrencies!!! And this is also a problem of bitcoin scalability!