Banks offering investing in Bitcoin

[Rupok]

Banks understand that Bitcoin will never be suppressed.Banks lost customers because of Bitcoin.The profits from Bitcoins are higher than those from investing in banks, which is why customers are more attracted to Bitcoins.Banks are now forced to approve investments as Bitcoin advances day by day. Bitcoin transactions are very easy compared to banks, as we have heard many banks are on the verge of bankruptcy. But I think this will be a great addition, as ordinary people will have the opportunity to invest directly in Bitcoin.

[1715325116]

1715325116

[1715325116]

1715325116

[1715325116]

1715325116

[Obari]

Since they couldn't suppress Bitcoin, some banks are now endorsing investing in it. I remember seeing that I could buy and sell Bitcoin (and other cryptocurrencies if I remember correctly) straight from my business banking app when I was working on financials in some company a while ago. Now I wonder, do they just want to enter the market and profit off of it or are there some other intentions? Since they offer an exchange for business users, could it be possible that the system could be used so the government could actually tax Bitcoin by taxing the company investing in it trough the bank account?

Maybe I'm overthinking this, but when banks are involved with Bitcoin it always seems like an attempt of gaining some sort of control over it or push it to be more centralized in some way. And seeing more and more of them getting involved doesn't really comfort me.

What do you guys think, should banks even be in 'the game'?

Bitcoin was created for everyone but banks, government, and everyday people, but we all know most governments are against the decentralisation of bitcoin and with your above statement I think I find the bank suspicious because it is centralised and controlled by the government, just like In my country where the cbn asked some local exchange to flag the accounts of some crypto investors.

 However there's a saying that if you can't beat them, you join them maybe these banks have come to understand that is almost impossible to restrict people from using Bitcoin and crypto exchanges in saving and have found out that it aids a better and faster means of transaction so they decided to join. But left for me I'll rather invest or buy cryptocurrency through safe and trustworthy exchange than investing through the bank.

[bittraffic]

Since they couldn't suppress Bitcoin, some banks are now endorsing investing in it. I remember seeing that I could buy and sell Bitcoin (and other cryptocurrencies if I remember correctly) straight from my business banking app when I was working on financials in some company a while ago. Now I wonder, do they just want to enter the market and profit off of it or are there some other intentions? Since they offer an exchange for business users, could it be possible that the system could be used so the government could actually tax Bitcoin by taxing the company investing in it trough the bank account?

Maybe I'm overthinking this, but when banks are involved with Bitcoin it always seems like an attempt of gaining some sort of control over it or push it to be more centralized in some way. And seeing more and more of them getting involved doesn't really comfort me.

What do you guys think, should banks even be in 'the game'?

Bitcoin was created for everyone but banks, government, and everyday people, but we all know most governments are against the decentralisation of bitcoin and with your above statement I think I find the bank suspicious because it is centralised and controlled by the government, just like In my country where the cbn asked some local exchange to flag the accounts of some crypto investors.

 However there's a saying that if you can't beat them, you join them maybe these banks have come to understand that is almost impossible to restrict people from using Bitcoin and crypto exchanges in saving and have found out that it aids a better and faster means of transaction so they decided to join. But left for me I'll rather invest or buy cryptocurrency through safe and trustworthy exchange than investing through the bank.

They will attempt to take over BTC. It's not a problem as far as I know since they are going to be using it as well. Otherwise, it will just be in their wallet. Supposedly they will also be selling their BTC when the time comes. Hard to say they can buy all the BTC supply in the market, it wouldn't be that easy but Blackrock is quite rich and they are using coinbase for their custodial.

If they all got the BTC, what would they do to it? Kill?
They had to realize there are lots of cryptos.

[ScamViruS]

This is definitely good news. But the government always tries to stay one step ahead of its citizens. Governments do not have accurate data on crypto users due to the inability to invest in the crypto market using banks, resulting in no restrictions being imposed on those crypto investors. Now when crypto users invest in crypto markets using bank accounts, the government will have that investor's information and see how they can be taxed. On the other hand, investing in crypto through banks means increasing the number of investors in the crypto market. Which is definitely good for the crypto market.

I hope that the bank will treat crypto users well and not bother crypto users by keeping the various rules and regulations in place.

[Minhxx]

Banks always want to control the flow of money in their system, maybe they will control bitcoin by investing in it, they also asked instead of banning us to pay taxes when owning bitcoins

[romero121]

Though the banks are with full of flaws, it have gained the trust of common people as it serves as the primary source through which they were able to do their transaction, savings, investment, and different schemes. A person introducing about bitcoin and a person working in a bank explaining about bitcoin have got difference. Those people will show the advantageous part of bitcoin whereas a common bitcoiner explain the risks too. Anyhow this is really a big thing and much needed one to reach the bottom people.

[Blitzboy]

Though the banks are with full of flaws, it have gained the trust of common people as it serves as the primary source through which they were able to do their transaction, savings, investment, and different schemes. A person introducing about bitcoin and a person working in a bank explaining about bitcoin have got difference. Those people will show the advantageous part of bitcoin whereas a common bitcoiner explain the risks too. Anyhow this is really a big thing and much needed one to reach the bottom people.

You made a good argument regarding people's faith in conventional banking despite its shortcomings. It's understandable. Banks have provided financial services and security for ages. Bitcoin is a decentralized, peer-to-peer financial system that supplements conventional banking. It might offer global financial inclusion to marginalized populations.

Bankers and Bitcoin users see things differently. A ordinary Bitcoin user would highlight the dangers, whereas a banker would emphasize the rewards. Decision-making requires this balance of information. Bitcoin's full potential requires our cooperation. To help the public comprehend and embrace Bitcoin, we should disclose its advantages and hazards.

[inthelongrun]

It's good that banks are starting to accept bitcoin and are offering it already to their customers. In my country, there are already banks that are also offering the same while some banks are doing it thru their other platforms.

And yes OP, it is possible that governments can collect taxes from these banks and companies, and in return, they can impose fees on their customers. Just like our local stock market here. Every time you make a trade there will be fees and tax.

I can only hope though that local exchanges and banks offer competitive rates. Most here in my country has 3% to 5% spreads and that hurts a lot. And also tax should be low just like in our local stock market which is less than 1%.

[Hispo]

If you asked me, I would say this is a clever strategy by the banks and the people who have executive ranks in those banks, they would make people believe they (the people/the clients) have actual ownership over the Bitcoin offered, when in reality in most of the cases Banks will continue to have control over the capital invested.

It is like a new way to catch the attention of clients, taking advantage of the popularity and growing adoption of BTC

[BenCodie]

No, I do not think banks should enter the Bitcoin economy or be involved in Bitcoin. I think this for the following reasons:
- They originally set out to destroy it. Now they want to profit from it. I can only see a sinister motive alongside profit, not one that will aid Bitcoin and its growth/ecosystem.
- Centralized trades and thus reduced activity from decentralized exchanges, and enforcing their own custody solutions (which is dangerous for user security)
- Tracking coins withdrawn from their facilities will be extensive (if coins can even be moved out of bank custody to begin with!)
- Bitcoin is only a hedge against fiat money which THEY destroyed!

Central banks and their subsidiaries being involved with Bitcoin will not do any good for the ecosystem in the long run.


To mods: My original post was deleted. I have enhanced my post and its reasoning. If it is removed this time, I would like an explanation as to why it is removed. I do not see any reason why it was removed as it was.

[Inwestour]

This is definitely good news. But the government always tries to stay one step ahead of its citizens. Governments do not have accurate data on crypto users due to the inability to invest in the crypto market using banks, resulting in no restrictions being imposed on those crypto investors. Now when crypto users invest in crypto markets using bank accounts, the government will have that investor's information and see how they can be taxed. On the other hand, investing in crypto through banks means increasing the number of investors in the crypto market. Which is definitely good for the crypto market.

I hope that the bank will treat crypto users well and not bother crypto users by keeping the various rules and regulations in place.

A recent example with the Kraken exchange showed that, if necessary, an IRS can obtain any information about users, about their accounts, transactions, and everything that the exchange owns.

If banks provide provide services for the storage and deposits of cryptocurrencies, then a people will contact the bank consciously, they will provide their data to the bank, by his own consent, and this is normal, but it is not normal to demand personal data from exchanges without the consent of users.

I agree that in the long run this can significantly increase the number of contributors who will be more willing to buy bitcoin, which of course will have a very positive impact on adoption. Initially, bitcoin was supposed to be a tool against banks, but it seems that the system will be able to regulate everything.

[taufik0911]

This is what i think, banks entering the Bitcoin space can be seen from different angles. On one hand, their endorsement and integration of Bitcoin services could indicate growing acceptance and adoption of cryptocurrencies. This can potentially lead to increased mainstream recognition and accessibility for users.

However, it's crucial to maintain a cautious approach. Banks have traditionally been part of centralized financial systems, and their involvement in the cryptocurrency space may raise questions about control and regulation. It's important to ensure that the core principles of decentralization and financial freedom are preserved.

Ultimately, whether banks should be in the Bitcoin game is a subjective matter. It's beneficial to keep an eye on their actions, policies, and potential impact on the ecosystem. Continued discussions, regulatory scrutiny, and the active participation of the cryptocurrency community will play a vital role in shaping the future dynamics between banks and Bitcoin.

[Magic-Money]

The world is changing and technology is improving day by day, which Bank can't stop Bitcoin precisely, but to adopt Bitcoin and other alt-coins in cryptocurrency market towards the banking system as long the internet exist and is a Matter of time, therefore Bank are in business, while adding cryptocurrency into the system we add advantage and profitable to bank's, because of transaction fees or charge. So I strongly believe that one day Bitcoin will be accepted as a means of payment to every cryptocurrency users as an open business.

[superman184]

Banks always want to control the flow of money in their system, maybe they will control bitcoin by investing in it, they also asked instead of banning us to pay taxes when owning bitcoins

I have never heard of any bank being able to control Bitcoin because Bitcoin is not the same as fiat money which basically can be controlled more easily by the Bank. Likewise for the problem of taxes on those who own Bitcoin, because as long as the state has not recognized Bitcoin as a good asset, who should we pay taxes to if one day we have more Bitcoin?

Because every tax quoted by the state is always clear and also precise, such as taxes on vehicles, companies and other assets such as buildings. Now, as for Bitcoin itself, to whom should we distribute the tax? Because not only have I never seen anyone pay taxes because he has more Bitcoins, I also don't know how the state will accept Bitcoins when the taxes are paid in Bitcoins.

[Wildwest]

The popularity of Bitcoin today is already so great, with its decentralized nature, Bitcoin is very difficult to be regulated by a group of people who want to use Bitcoin including banks, maybe their current involvement in Bitcoin because they know the many benefits they will get later, so that currently many banks offer investment in the form of Bitcoin, I think they are also like us who want to seek profit only and not for negative purposes, from here they can also get more customers because there are more and more involved in the crypto world.

[Compromise me]

As you know, a bank always avoids engaging in risky activities with its customers funds because it cannot undertake speculative investments. This is because cryptocurrency is Decentralized, so banks cannot engage in such activities. Every bank has its own rules and policies, Primarily designed to protect customers. Banks ensure liquidity and security for their customers. Still investing in Bitcoin is considered risky. If a bank wants to offer Bitcoin investment, They will apply their principles and regulations, Such as managing risk through careful evaluation, and then they may propose Bitcoin investment to their customers.

[Mpamaegbu]

What do you guys think, should banks even be in 'the game'?

Until the coast is completely clear, I want to remain skeptical about the whole bank-offering Bitcoin thing. I don't want to see it as a "If you can't beat them you join them" situation since Bitcoin has continued to gain more attention unlike before. It could still be a trap to frustrate Bitcoin fans for all I know. I wouldn't buy Bitcoin through any bank in my country if banks decide to sell it. It's the same way I want others in countries where banks offer Bitcoin sale. Exchanges and P2P are there for anyone to buy from, not from one of Bitcoin's perceived big rivals.

[n0ne]

Banks were the centralized medium, but the usage of banks will help a lot in the progress of bitcoin adoption and support large scale usage. Whenever something is handled by banks it easily gains the trust. Banks have been termed to be a failed system, maybe they lack some essentials as well as take control of user funds. However the goodness it have provided to the people and to the countries were very big. This time the banks supporting bitcoin is a big positive move forward.

[carlfebz2]

What do you guys think, should banks even be in 'the game'?

Until the coast is completely clear, I want to remain skeptical about the whole bank-offering Bitcoin thing. I don't want to see it as a "If you can't beat them you join them" situation since Bitcoin has continued to gain more attention unlike before. It could still be a trap to frustrate Bitcoin fans for all I know. I wouldn't buy Bitcoin through any bank in my country if banks decide to sell it. It's the same way I want others in countries where banks offer Bitcoin sale. Exchanges and P2P are there for anyone to buy from, not from one of Bitcoin's perceived big rivals.

Lots of people would be skeptical specially to those who are really that supporting cryptocurrencies on which really that been here for that decentralization and anonymity.For those institutions or regulated firms and

whatsoever who had been deciding on taking up some involvement or getting in connection with Bitcoin or crypto space then it cant really be avoided that people who do mainly support crypto would really be having those doubts and assuming that there's something with this kind of of plans or steps that they had made. We know that BItcoin/crypto is totally that contradicting on what Banks do offer which we know that
these institutions does much prefer those traditional things but now they've seen that the trend is like this then they would be tending to go with the flow.

Yes, they could but the trust cant really be totally be put up on what those service that they are offering. People would really be that skeptical and would be still storing up their coins on their own wallets
and would really be buying p2p for having no trace.

[Good_Doctor]

Since they couldn't suppress Bitcoin, some banks are now endorsing investing in it. I remember seeing that I could buy and sell Bitcoin (and other cryptocurrencies if I remember correctly) straight from my business banking app when I was working on financials in some company a while ago. Now I wonder, do they just want to enter the market and profit off of it or are there some other intentions? Since they offer an exchange for business users, could it be possible that the system could be used so the government could actually tax Bitcoin by taxing the company investing in it trough the bank account?

Maybe I'm overthinking this, but when banks are involved with Bitcoin it always seems like an attempt of gaining some sort of control over it or push it to be more centralized in some way. And seeing more and more of them getting involved doesn't really comfort me.

What do you guys think, should banks even be in 'the game'?

In a way you could be overthinking it and on another note your fear could be something to really look into. Nonetheless, some countries are beginning to embrace Bitcoin and as such making rules that foster citizens using Bitcoin as means of transactions through bank portals...you should actually look into the policies behind the usage of bitcoin as means of transacting in any of the banks and how the banking rules affect or correlate with decentralization which is the aim of this Bitcoin...as long as the intentions and countries regulations towards usage of bitcoin is not trying to 'be in charge' or bringing Bitcoin to be ruled by the government like a form of centralization then it's okay you don't have to worry. As regards the taxation of Bitcoin investments through bank accounts, government policies and regulations differ from country to country. Taxation policies are typically aimed at ensuring compliance and fairness in the financial system. It is possible that governments may introduce regulations to monitor and tax cryptocurrency transactions, including those made through bank accounts. However, specific policies and approaches can vary significantly, and it is essential to consult local tax authorities or financial experts for accurate information on your jurisdiction's regulations.
Overall,  the question of whether banks should be involved in the cryptocurrency market is subjective and can depend on individual perspectives. Some argue that their involvement can bring legitimacy, stability, and improved accessibility to the market, while others express concerns about control and centralization. As the cryptocurrency landscape continues to evolve, it is important to monitor government policies, regulatory developments, and the total impact on the financial community to form an informed opinion