Bitcoin: Banks called it fraud, now they want a piece of the pie

[Sanitough]

Now this is getting interesting. with this development it looks like banks are adopting bitcoin.

Bitcoin was created to make transactions without relying on banks, at early stages banks even called bitcoin a fraud, and we always advocate that we don't need banks to do transactions as we have blockchain to make them transparent, but with this news looks like banks cannot hold their horses but want to adopt bitcoin as probably they see some potential for huge profit why can't they just leave bitcoin alone.?

Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

[Hypnotizer]

~
Bitcoin was created to make transactions without relying on banks, at early stages banks even called bitcoin a fraud, and we always advocate that we don't need banks to do transactions as we have blockchain to make them transparent, but with this news looks like banks cannot hold their horses but want to adopt bitcoin as probably they see some potential for huge profit why can't they just leave bitcoin alone.?

They just can’t..

The crypto industry has a lot to offer them of new clients and revenues they don’t want to miss out.

Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

That’s for people that decide to use their services..  but a normal bitcoin user that doesn’t use “the bank” wouldn’t have to follow their policies whatsoever and can still enjoy the freedom.

[Don Pedro Dinero]

It’s a clear case of: ‘If you can’t beat them, join them.’

That’s for people that decide to use their services..  but a normal bitcoin user that doesn’t use “the bank” wouldn’t have to follow their policies whatsoever and can still enjoy the freedom.

Of course, I’m not going to use it – and I reckon most people on the forum feel the same. The problem is that more and more bitcoin is held by centralised entities. Those of us who hold onto it using our private keys and use P2P are an increasingly small minority.

[yudi09]

They were surprised by Bitcoin’s transaction system, which doesn’t require a third party like the one they have. No wonder they called it a scam—there’s no profit for them in every transaction. Currently, the crisis of trust is at its peak, and Bitcoin has emerged to offer a solution to the public. From then until now, nothing has changed—if anything, the changes have been increasingly positive—and quite a few individuals within the banking sector have quietly adopted Bitcoin to achieve financial freedom, as they realize and believe that Bitcoin can serve as a long-term hedge against fiat currencies.

[MisFoxie]

Actually the main profit of banks comes from giving loans to people. Maybe they want to make a profit by giving loans in Bitcoin as well Or maybe they want to store Bitcoin as digital gold.

Banks using bitcoin is actually good for bitcoin although it is definitely bad for those users who would want to store bitcoin in banks to earn interest because of these there will be no actual value in Bitcoin anymore.

[BIT-BENDER]

They were surprised by Bitcoin’s transaction system, which doesn’t require a third party like the one they have. No wonder they called it a scam—there’s no profit for them in every transaction. Currently, the crisis of trust is at its peak, and Bitcoin has emerged to offer a solution to the public. From then until now, nothing has changed—if anything, the changes have been increasingly positive—and quite a few individuals within the banking sector have quietly adopted Bitcoin to achieve financial freedom, as they realize and believe that Bitcoin can serve as a long-term hedge against fiat currencies.

I actually disagree with you, they aren't surprised because they knew all along about Bitcoin transaction system and the fact that it doesn't require any third party and it can be done anonymously.
For me they have actually feared the Bitcoin transaction system from the very beginning, they new about it and knew this could be a threat to them so they try to create propaganda and even shut it down but unfortunately for them Bitcoin grew stronger.

Now it's just a case of if you can't beat them you join them, the banking system just like government around the world are trying to explore the big potentials of Bitcoin.

[stompix]

Now this is getting interesting. with this development it looks like banks are adopting bitcoin.

Where in that link does anything prove that any bank is adopting Bitcoin?

Guys, seriously!
The Lugano forum day:
https://planb.lugano.ch/planb-forum/

Every single company going there to get investors' money is bragging about stuff, in this case it's Blockstream opening an agency, nothing more:

Blockstream has launched a consulting business for financial institutions and opened an office in Lugano, Switzerland, the company shared today. The expansion gives banks, asset managers and other institutions direct access to the firm’s engineering teams and Bitcoin infrastructure, Blockstream said.

They opened a consulting business but they have ZERO clients, otherwise, they would have named them in the PR!

[GreatArkansas]

They were surprised by Bitcoin’s transaction system, which doesn’t require a third party like the one they have. No wonder they called it a scam—there’s no profit for them in every transaction. Currently, the crisis of trust is at its peak, and Bitcoin has emerged to offer a solution to the public. From then until now, nothing has changed—if anything, the changes have been increasingly positive—and quite a few individuals within the banking sector have quietly adopted Bitcoin to achieve financial freedom, as they realize and believe that Bitcoin can serve as a long-term hedge against fiat currencies.

For me it's not only about the profit on transactions. I remember Jamie Dimon, CEO of one of the biggest bank, was talking negatively about Bitcoin many times, then later you see JPMorgan also getting involved in crypto.
This seems become a playbook of most of these people or industries, they want to buy our Bitcoins cheap as possible.
I think that's just FUD so they can buy Bitcoin cheaper, like a whale move. Not sure if that's really the reason but that's how I see it.

[Lucano]

why can't they just leave bitcoin alone.?

Banks have seen the enormous potential of Bitcoin, especially for their bottom line. Bank profits mostly come from savings and loans. By adopting Bitcoin, banks profit from transactions. They no longer need to constantly seek out customers. Bitcoin has spread globally, so they only need a little promotion to attract customers. We are slowly losing the value of privacy and freedom.

[ruykeri]

I don't think that banks will be able to establish control over bitcoin once they start accepting it. It is true that the initial purpose of using bitcoin was to create an opportunity for independent transactions, free from the inflation of fiat currency and a system involving third-party intermediaries associated with the banking system. But there was no rule that bitcoin would only be used by ordinary people, and not by large institutions, governments, or banks. Since bitcoin gives people freedom, any person or institution can use bitcoin. Since bitcoin's security system and specific rules are the same for everyone, large companies will not be able to take control of it as adoption increases. Bitcoin's features such as self-custody, decentralization, fixed supply, and volatility will always be there.

[Dr.Bitcoin_Strange]

Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

Bitcoin is not following any strict policy of the institutions but rather Bitcoiners are the ones that will abide by those institution's strict policies because they chose to adopt Bitcoin through them instead of investing through decentralized exchange and stick to self custody.
If you or anyone don't go through them to adopt Bitcoin, you will still enjoy your freedom and privacy.


The CEO of Coinbase exchange has said something before that during his time at Davos forum, he note that most of the bank CEOs he met with are crypto pro and based on this tweet by River https://x.com/River/status/2015901529002160605, it said 60% of the top 25 U.S banks offers Bitcoin/Bitcoin products, and that's since January 2026. Banks have shown interest on Bitcoin even before this year.

Those of us who hold onto it using our private keys and use P2P are an increasingly small minority.

 I believe that the numbers of Bitcoin that is being held by third parties like the institutions we know are going to increase more because of the demand of Bitcoin ETF, however based on one analysis of River titled " Bitcoin supply distribution by custody setup" It said 55.4% of Bitcoin supply in under self custody, while third party custody holds 38.9%, although it was since 2024 but I don't know how far the difference would be by now.

[yudi09]

-snip-

I actually disagree with you, they aren't surprised because they knew all along about Bitcoin transaction system and the fact that it doesn't require any third party and it can be done anonymously.
For me they have actually feared the Bitcoin transaction system from the very beginning, they new about it and knew this could be a threat to them so they try to create propaganda and even shut it down but unfortunately for them Bitcoin grew stronger.

Did they ever suspect that Satoshi would create Bitcoin and introduce it to the public? If they had realized this long before it was introduced to the public, perhaps they wouldn’t have been surprised.
I think this is why I said they were surprised by the creation of Bitcoin—a peer-to-peer digital currency that requires no third party other than the sender and recipient, with relatively low transaction fees per transaction, supported by high speed, and free from complicated administrative processes.

Now it's just a case of if you can't beat them you join them, the banking system just like government around the world are trying to explore the big potentials of Bitcoin.

We’re not in a race or competing to beat them. But given the trust Bitcoin now commands, I think we already have our own options.

[Christopher336]

Banks called it fraud because they saw Bitcoin as a threat, now they see how Bitcoin have grown they want a piece of the pie. Funny how revolution become an opportunity when the money gets to big to ignore, lol.

[goldkingcoiner]

Now this is getting interesting. with this development it looks like banks are adopting bitcoin.

Bitcoin was created to make transactions without relying on banks, at early stages banks even called bitcoin a fraud, and we always advocate that we don't need banks to do transactions as we have blockchain to make them transparent, but with this news looks like banks cannot hold their horses but want to adopt bitcoin as probably they see some potential for huge profit why can't they just leave bitcoin alone.?

Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

Banks are a dying breed that are slowly suffocating. This is also one of the reasons why I am working so hard to push the Bitcoin adoption (or as I call it, the next generation of money).

Banks have always been a scam. You have to pay monthly fees to use their "service". And let's not forget about all the other fees they think up. Anything happens and they will hold your money hostage and there will be nothing you can do to get it back except hope they give it back to you.

What kind of sadistic financial system is this?

[Russlenat]

What kind of sadistic financial system is this?

Maybe ask instead what kind of government is this? Because in every country there is a central bank and they are the ones who regulate the banks hence the banks' policies are coming from the regulators. so with that, we know who the culprit is, it's the government that wants to have control over everything in a centralized manner.

[TedMosby]

[...]
Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

IMO, Bitcoin holders/users are also the same as banks. I mean, Bitcoin used to be a cool and brave move to fight against the current monetary system. But along the way, Bitcoin's use case seems to have been limited by the users/holders themselves. It's used for speculation, to get capital gains from price changes.

Bitcoin doesn't need banks or big institutions because decentralization is its power. But admit it, most Bitcoin holders and users are here to become prosperous from the potential capital gains, not to become prosperous by having Bitcoin as sound money. Most of these people are also the ones who care so much about and are waiting for ETFs, big institutions, and other new catalysts.

[Spaceman1000$]

Now this is getting interesting. with this development it looks like banks are adopting bitcoin.

Bitcoin was created to make transactions without relying on banks, at early stages banks even called bitcoin a fraud, and we always advocate that we don't need banks to do transactions as we have blockchain to make them transparent, but with this news looks like banks cannot hold their horses but want to adopt bitcoin as probably they see some potential for huge profit why can't they just leave bitcoin alone.?

Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

To hell with their policies, if Bitcoin had failed, the Banks would have been at the forefront bad mouthing Bitcoin, thankfully Bitcoin had to but them to shame, today they are the ones scampering to get Bitcoin at a higher quantity, in fact the banking institution are looking for a way to even buy all the Bitcoin if they give them the opportunity.

The technological advancement Bitcoin brought became the game changer, left alone with the Banks, they would have made financial transactions look like something you will need all the documents in this life before you can easily get one transaction done.

[Rengga Jati]

It seems that banks have no intention of becoming like Bitcoin. After all, banks will always be centralized. They might adopt the underlying technology, blockchain, and could even derive various benefits from Bitcoin. But, they certainly will not allow their own capabilities to be usurped by Bitcoin, in its capacity as a currency.

That is why, in some countries, governments have banned Bitcoin as a currency. They believe it would disrupt the nation's financial system, including the banks themselves. We know exactly who controls the banks globally, yet, at the same time, they also stand to gain from such developments.

but with this news looks like banks cannot hold their horses but want to adopt bitcoin as probably they see some potential for huge profit why can't they just leave bitcoin alone.?

I don't think they will, because they would lose even more trust and prestige. People would naturally prefer Bitcoin or other cryptocurrencies instead. Since they cannot profit directly from crypto, those behind the banks, who still want to extract profit from their banking systems would be unable to do so. Furthermore, they would lose their ability to exert control over people worldwide through centralized banking.

[Filicius]

Last week I announced in the Spanish local thread thad Deutsche Bank will start offering custody services for Bitcoin, Ethereum, USDC and EURC for their clients, and that, apparently, other European banks are going to follow in their footsteps.

Deutsche Bank Is Weeks From Holding Bitcoin and Ethereum for Clients. Could Other Big Banks Follow?

This seems like just one more example in what is going to be the trend from now on.

[Alpha Marine]

A lot of them were convinced Bitcoin would fail because it was a completely new concept. They couldn't believe that something like that would succeed. It had no owner, no central controller, and it was transparent.
I don't believe they felt threatened by Bitcoin, but they simply didn't take it seriously enough.
When they saw that people were taking it seriously, that was when they started the smear campaign against Bitcoin. They called it different things and said it facilitated fraud and crimes.
Right now, most of the narratives they held and were spreading about Bitcoin have been debunked, and they have seen that they can profit from Bitcoin, so they have embraced it. They are even constantly looking for ways to make more profit from Bitcoin.