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

[Emitdama]

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.

You are right, it has been 10+ years since XRP started working with banks, for example. I have never really considered XRP as a good coin to own, because it's just a business and when the business does badly the coin does badly, and I do not want to own a stock. But when Ripple started working with banks, I knew that banks were aware of how good bitcoin is. They know the power of blockchain and there is no reason why we should think that any different anytime soon.

We should realise that this is something that can be done quite well. So banks are aware of this now, and they were aware of it 10+ years ago; they just didn't want to make it faster, and they wanted to get ready before it grew too much, this is why they tried to slow it down.

[Jewan420]

The eyes of the merchant will go to the direction where the number of customers is more or where the traffic is more. Especially if competitors enter the market, it is not possible to win that competition with conventional strategies. Bitcoin took a direct position against the banks and created competition. Although banks did not give importance to Bitcoin in the beginning, they are forced to give importance to Bitcoin due to the increase in customers. Since no one has control over Bitcoin and banks cannot stop Bitcoin, they have no choice but to join Bitcoin.

The number of Bitcoin users in the world is increasing day by day and many people in the world are adopting crypto after losing faith or interest in the banking system. Although banking is necessary to live in a country, banks have lost their importance to those people due to the benefits of crypto. So it is natural that banks will take necessary steps to maintain their importance. Still, real Bitcoin users or holders will no longer lean towards banks.

[Big Dirams]

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.

Back in those years banks did see bitcoin has a threat and something that would take away their people from them but gracefully as times goes on banks begin to feel relieved about bitcoin because people didn’t accept it as they expected and gradually years goes by and bitcoin start gaining more value and gaining much popularity all over the world and that was when banks sees it more of a threat and the decentralization is something they don’t want to accept. But now bitcoin value is what is tempting them and giving them more reason to start accepting bitcoin.
Had it been bitcoin didn’t increase in value this way, then banks won’t even give a damn about it at all or see it as a threat.

[Solodoski]

I don't think it's just bank that sees bitcoin as a scam, even individuals sees it the the same way. I also think that the reason they try to convince people that it's a scam is because they want to convince people to trust them rather than investing in bitcoin. Bitcoin I really good as an investment and it has also remove third party when it comes to transactions,  so it's like an issue to the banking system and they tried to do everything to kill, but unfortunately it did not work out.

[Zoomic]

I'm not bothered about banks joining or integrating Bitcoin into their system. Anyone who finds their services helpful can join them, their involvement will even create more awareness and bring more liquidity into the market. However, I would not their involvement for banks changing their mindset about financial freedom.

At the end of the day, they're doing all of these for business and there's nothing wrong with that provided that that anyone who's patronizing them are doing so to buy exposure to Bitcoin through bank and seeing it as an alternative to being in full control of their coins.

So long as Bitcoiners still have the option to self custody, banks can continue to join the market and that'll affect Bitcoin's decentralization.

[tread93]

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.

I think for the most part bitcoin adoption by the banks is a good thing. More people will be able to place trust in institutions they already have trusted for so long it was only a matter of time and it opens the door to the cryoto skeptics

[CryptoHeadlineNews]

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.

Ever since Bitcoin crosesed the $100k benchmark few months after Trump became the president of the United States, and new laws were passed in favour of the crypto community, I have come acrossed many news of banks picking interest with Bitcoin investment.  And coupled with the fact that more institutional bodies have invested in Bitcoin recently, that alone is one reason that may have sparked the interest of banks drafting possible means to benefit from Bitcoin investment. And i'm not surprised as many banks in the United States and beyond now offer fiat loans while using Bitcoin as collateral.

[I_Anime]

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.

No one wants to be left behind. Of course, with time, more people will begin to see the potential of Bitcoin. Though some still see it as a fraud, while others haven’t even heard of it yet. Well, that’s their loss. While those that are into bitcoin are already taking advantage of the opportunities it offers .

This is a nice initiative, though some of the policies may contradict the financial freedom that comes with Bitcoin. Still, as long as Bitcoin remains decentralized, that freedom will continue to exist. There are also some good advantages that comes with this  initiative, such as increased adoption, greater liquidity, and stronger recognition of Bitcoin (Like you mentioned, many financial institutions once dismissed Bitcoin as worthless or fraudulent), but now some of them are beginning to recognize its potential.

[Sammysmart001]

And i'm not surprised as many banks in the United States and beyond now offer fiat loans while using Bitcoin as collateral.

The only thing bank do cares about is how to make money, back than they do call bitcoin as a fraud. Why because they can’t control it. But now they don’t want to be left out because big institutions are making serious profit and now that the price has crossed almost $100k they wavt to rush it.

Their new way to get a peace of the action, if offering fiat loans with bitcoin as a collateral. But also it a good thing to the market, this because it brings more of money and also awareness but we also need to stay smart.

Services should be offer, but we shouldn’t forget the golden rule. We shouldn’t leave out Bitcoin in a bank custody, always hold your keys.

[Donk1]

​Well in my perspective banks aren't adopting Bitcoin because they want to take control over it which isn't even possible .still to me, they are adopting Bitcoin because they see its potential even though in the past many people criticized Bitcoin. Yeah it's the nature of we humans to be scared of what they don't understand, but the world is evolving fast and Bitcoin continues to evolve too. So perhaps this is just another step to its global scale adoption...That said we can't just keep looking at the past when what we should be focused on is the future. To me this is a way of saying Bitcoin is here to stay, and no matter how many rules the banks place on their apps, it doesn't in any way change Bitcoin. Best to say self custody will remain, so as financial freedom that's all.......

[Lembo69]

Yes, it is true that at one time banks used to call people Bitcoin a scam, but now they are the ones who want a share of it. Because people's perception of Bitcoin is changing, people are profiting from Bitcoin, and those who used to say it was a scam are also investing. Haha, it is a bit funny that at one time I myself thought Bitcoin was a scam. And because I thought that, I fell behind in my investments. I now think that if I had started investing earlier and not listened to people, maybe I could have deposited more BTC in my Bitcoin investment portfolio. However, the banks, like me, have realized it later, but they are now demanding a share of it. Finally, they have realized that all their efforts were in vain, they could not stop Bitcoin in any way.

[macson]

They're not even ashamed of raking in so much profit from managing other people's money. So I guess it's no different when they start accepting Bitcoin. After all, it's all about profit. If they see potential profit there, they'll take that opportunity.

It's just a matter of regulations that limit them from doing that. If regulations were more flexible to allow them to accept Bitcoin, I think more banks would start accepting Bitcoin.

[aoluain]

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 article isnt about 'banks adopting Bitcoin' - its about Blockstream selling its:

Blockstream Consulting Services will support institutions through the evaluation, design and implementation of Bitcoin-based financial infrastructure.

They are selling a product, based on Bitcoin

Bitcoin is still independent, they cannot change anything about Bitcoin, they can only change
the rules around their own service. We can still make Bitcoin transactions with each other
independent of the banks.

Yea we have seen some big financial players 'adopting' Bitcoin through traditional financial
instruments but in my book you arent adopting Bitcoin until at least you buy Bitcoin outright.

[Synchronice]

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 said those things at early stages but that doesn't mean that they are gonna stick with what they said. Banks aren't an organizations that have morals. All they care about is profit. They don't care what problems you have, if you can't repay your loan, they are gonna add more problems to your life.

So, my point is that never ever assume that anyone will stick with what they said in the past. At first banks were against Bitcoin but once they realized that such a stance wouldn't benefit them, they changed their opinion and instead of fighting Bitcoin, they adopted Bitcoin. It actually gives them much control over Bitcoin than fighting would give them.

[Donneski]

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.

Maybe we should talk more about why Bitcoin was primarily created and less about who's adopting it or not. There's a freedom Bitcoin offers and that's the freedom to be in full control of your money and as long as it's not affected, Banks can go any length in using Bitcoin or it's related services.
There's a difference between someone who's Bitcoin is sitting in bank account and the person storing theirs in a private wallet. The first person is still practicing the old way of having their assets being controlled by a third party, the only difference this time is that it's not the conventional money but Bitcoin but the second person is practicing what Satoshi envisaged before creating Bitcoin because which is having a direct control of their assets. So while we're embracing adoption, we shouldn't confuse banks supporting Bitcoin with banks embracing its original purpose.

[LUCKMCFLY]

If you do a quick investigation, those BTC detractors are now using BTC, either investing or acquiring it. They're even buying BTC ETFs, quietly but because they themselves have realized BTC's potential.

I'd say that at this point, everyone wants to own BTC, and the more we accumulate, the better, because it's the best investment in the world. Yes, there's risk, but every investment has risk. I'd say that bankers are just as involved in the BTC market as, or even more than, a BTC enthusiast; it's just that the banker's only interest is in the money they're going to make.

[X-ray]

Banks always there whenever opportunity to make money exist, entire wall-street is no different.

Just like in history, bank always spearheaded custody of things, even stocks and gold. They also spearheaded eliminating paper for stock and transition to digital vault.

Even if they called Bitcoin fraud in the past, they definitely won't let the opportunity to make money from custody or building infrastructure pass.

However the article is specifically talking about Blockstream's infrastructure building service for banks to adopt Bitcoin based financial infra.

Simply put, Blockstream is offering institutional team of engineers and their company infra for bootstrap.

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.

I don't think so, it's an option for you. Nobody is forcing anyone to keep their Bitcoin in bank custody and you can take it out anytime you want.

[Sanitough]

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 article isnt about 'banks adopting Bitcoin' - its about Blockstream selling its:

Blockstream Consulting Services will support institutions through the evaluation, design and implementation of Bitcoin-based financial infrastructure.

They are selling a product, based on Bitcoin

This is what the https://bitcoinmagazine.com/news/blockstream-launches-institutional-service article states.

We look to provide regional expertise in markets where we see demand for Bitcoin infrastructure

And there is already evidence that banks are adopting Bitcoin, like PNC Bank, Deutsche Bank and U.S. Bank, so they are opening their business because they are seeing the potential, they might not have clients yet but eventually if they succeed they will.

[Luzin]

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.?

Understand that today Bitcoin has developed into a store of value asset rather than a payment system. The industry has transformed the original purpose of Satoshi. Remember, Bitcoin has grown so fantastically. The turnover of money in the crypto industry is very large. They are only trying to regulate it externally through a few provisions. I think in the end their goal is business to make money. Currently, from the sources you attached, they have just launched a consulting business for financial institutions. Nevertheless, Bitcoin cannot be controlled because its system is decentralized. Unless they indeed own assets equivalent to half of Bitcoin's supply. It's just that banks create their own products, so they set the rules. As long as Bitcoin still has value and is connected with fiat accounts, pure decentralization will never exist. This is because we always need banks to conduct transactions with fiat. CMIIW

[Faisal2202]

And there is already evidence that banks are adopting Bitcoin, like PNC Bank, Deutsche Bank and U.S. Bank, so they are opening their business because they are seeing the potential, they might not have clients yet but eventually if they succeed they will.

Stompix and aoluain are right to point out that the article was about their project and was a marketing stunt.

They are not wrong about the clients either. Also, their existence is not brand new. I found out that Blockstream already had EU headquarters in Lugano in 2025, and that was a local startup, so this new consulting launch is being built on an office that already existed.

But I agree with you as well that even if it's a marketing stunt, there is no doubt that the banks are adopting Bitcoin and not opposing it the way they previously did. Dr.Bitcoin_Strange has already shed light on this.

Although I also found that Peter Brain said they had some clients who preferred a gradual approach that could support this technology and give them further ideas about it too.

So we can say this is just a pipeline for interested parties, and in the future, this can contribute. So the service is operating on some regulatory grounds too, as Switzerland allows banks to hold and trade Bitcoin for clients, and we have already read a few Switzerland-related topics in the last few days in this board.