Why are banks against cryptocurrency?

[ShaneDiesel]

Banks are often against cryptocurrency because it threatens their traditional business model. Cryptocurrencies like Bitcoin allow people to transfer money directly to each other without needing a bank as a middleman, which could reduce the bank's profits from transaction fees and services. Additionally, cryptocurrencies can be harder to regulate, making it easier for illegal activities like money laundering. Banks also worry about the volatility of cryptocurrencies, which can make them risky investments. Overall, cryptocurrencies challenge the control and stability that banks and governments have over the financial system.

[Abiky]

A little more in it, they want to hold/control your money to run their own business and they won't be able to do that if you start controlling your own money with alternatives like BItcoin. They wont be able to manipulate many economic policies anymore if you start controlling your money. Simply they will be out of bussnies if they starts to support decntrlaized system.

Of course they want control. Why do you think they patronize Fiat? It wouldn't make sense to support a currency that's outside of their control. The only reason why some governments are supporting Bitcoin is because of the taxation benefits it provides. After all, wealthy companies have shown huge interest in BTC.

It's all about the money these days. But be aware that governments will regulate crypto "down to the bone" to make it difficult for people to achieve true financial freedom. They will control BTC through centralized exchanges and spot ETFs provided by institutional investment companies. Banks will only get bigger and stronger than ever with the introduction of CBDCs. Just focus on "being your own bank" and forget about the rest.