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

[Wahidcroposs]

In the global financial market now a days transaction and payment system are digitalization. People does not dependent on bank for there daily activities in finance. In the world Bitcoin make a confidence and level so people trust on Bitcoin and invest there savings on it. In this situation man more focus on Bitcoin than Bank. So that Bank called it fraud, but they want to include Bitcoin with the bank for there credit investment. 

[conicalguy]

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.

Directly or indirectly, this can still be regarded as adoption. The United state government want Bitcoin, they want to see Bitcoin and don't like other countries to take the spot. If there is no problem for government to adopt Bitcoin, then banks are your least concern. The banks don't have sovereign power over Bitcoin, it's the government that can make the final call and everything they do is subjected to the directives the government gives them.

[moneystery]

Previously, BlackRock, Goldman Sachs, and a bunch of other financial and investment institutions viewed Bitcoin as just a scam and thought it would die quickly. But after Bitcoin adoption increased and regulations became clearer, their views changed. They no longer viewed Bitcoin as just a scam asset; they realized it had value and could leverage it to make more money.
After all, they are businesses primarily focused on making more money. If they integrate Bitcoin into their platforms or offer ETFs, they can expect to earn fees from transactions, allowing them to earn more money from their customers.

[MArsland]

For banks, it is better to swallow their own saliva than to have them slowly abandoned by their users. Now that the era of competition in the banking industry is quite tight, innovation needs to even change perceptions about blockchain technology because enthusiasts and its rapid progress are the door for banks to adapt. Now the challenge is whether bitcoin users are willing to follow the bank's main protocol in terms of usage? back again that this is a matter of taste, bitcoin loans to banks ask for a guarantee of personal data. That's it

[Hamza2424]

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 played a very important move, that if you can't beat them, then join them. They realized after some time that their campaigns and lies were not working and people were still investing.

So they came up with this plan, because if they don't, then they will lose demand for their product, fiat, and the state would never want this. Now they will adopt Bitcoin so Bitcoiners can easily buy and sell using their services and even take out loans with BTC as collateral.

[sokani]

~

How funny life can be! The government and the banks were very critical of Bitcoin during its early days, and now they want a slice of the pie.

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.

Nah... This is not correct. Banking is all about business. The banks will pursue anything as long as it adds more money to their purse. The reason they are now accepting Bitcoin is because they see it as a way to make money, and that's why they are asking customers to keep their Bitcoin with them or use it as collateral for loans.

[knuckey]

It's perfectly natural for banks to want to adopt Bitcoin. On the positive side, it means Bitcoin has become widely accepted. Banks see the enormous potential in Bitcoin and are exploiting it for profit. Our freedoms are slowly being locked away, and our privacy is losing its value.
Two things that will never go away from Bitcoin are its scarcity and transaction transparency.
I won't use a bank for my Bitcoin.

[Smartprofit]

In my opinion, banks have always been very consistent in their policy towards Bitcoin. At first, they called it a Ponzi scheme, a bubble, and a scam. They refused to process bank transactions if they were from cryptocurrency companies. They did everything they could to discredit Bitcoin. 🙋

Then they realized these measures weren't working. Bitcoin wasn't dead. People continued to buy and use it.

Then the bankers changed their tactics. They started praising Bitcoin and issuing Bitcoin derivatives. I remember how in the fall of 2017, Wall Street tycoons boasted that they had finally gained control of Bitcoin. They created Bitcoin price futures. Many crypto enthusiasts rejoiced like children and expected Bitcoin to reach $100,000. However, instead, the price gradually fell to $3,500.

Currently, bankers, high-ranking government officials, and Wall Street tycoons are continuing this policy... They're creating Bitcoin derivatives, artificially reducing demand for the original cryptocurrency and increasing supply with "paper Bitcoin." Government regulations, KYC, AML, derivatives... Don't listen to what bankers say about Bitcoin! Watch what they do! 🧖

[B2Z]

When we keep money in the bank and use that money, we will not have sole freedom over that money because then we will have to rely on bank services, but Bitcoin was created with the idea that there will be no interference from the authorities, that is, a user can use it as he wishes. Now the thing is that banks used to consider Bitcoin as a fraudulent transaction earlier but now they are accepting Bitcoin again, this does not mean that the bank has any bad intentions here. We know very well that banks always follow such a policy that they will do that where they will have profit, maybe their main motive behind accepting Bitcoin is currently profit. But yes, people can decide to keep their Bitcoin in the bank thinking about extra security instead of enriching their private key, it is definitely a cause for concern. If Bitcoin is kept in the bank, then things are no longer under sole control because if your private key or access is with a third party, then you have to directly rely on the services of that third party to use it.

I will support the expansion of Bitcoin, but I will never support the loss of individual control over Bitcoin.

[Marykeller]

why can't they just leave bitcoin alone.?

The banks leave Bitcoin alone, you mean, when they see it as a threat to their business. The banks know that if they allow Bitcoin to win, they simply lose control, and that comes with lost profits. That's not good for them because they aim to continue to control the financial system.

Having Bitcoin around that requires no middleman to send and receive money with almost no fee is a threat, meaning that their service is no longer needed

[Rockstarguy]

~Snip

At a point, most people referred to Bitcoin as a Ponzi scheme, a scam, and other derogatory terms. It is normal for people and institutions to be ignorant and refer to Bitcoin as they think, but there always comes a time that people gain a proper understanding of Bitcoin and have no choice but to embrace it.

I believe that banks have moved past their days of ignorance; they understand Bitcoin now and know where Bitcoin is heading in the future. By adopting Bitcoin, they now recognize its value and can also benefit from it.

[Mayor of ogba]

Just like you said, bitcoin was created to make transactions without relying on banks, this alone makes banks see bitcoin as a threat. They called bitcoin fraud to discourage people from using bitcoin but unfortunately it didn't work for them. Satoshi Nakamoto created bitcoin for everyone if banks want to adopt bitcoin I don't see anything wrong in that, and I don't see how banks adopting bitcoin will make bitcoin users not to enjoy the freedom that's associated with bitcoin, because banks can't tell how and when I will use my bitcoin.

[Questat]

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.

No doubt, otherwise bitcoin will be in a much better position now if only the government do not attack bitcoin. That only proves that since they can't beat bitcoin, at least they can join them but with target goal to take full control and custody everything about bitcoin.

The kind of government we have is the perfect example of greed. Banks are seen more greedy because of the kind of government that is protecting it behind.

[LogitechMouse]

---
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.

Well, I guess this is one downside of Bitcoin being decentralized.

People, businesses, banks and institutions could just integrate it into their own system and take advantage of it. Also, I did a quick scan on the article, and I didn't see any proof of Bitcoin being adopted by the banks, but I will not be surprised if they will in the future. Another question that comes to my mind is that, let's say that the banks adopted it. Will it turn out to be successful? I mean if you're into Bitcoin for a long time, you know that Bitcoin has created so that banks aren't involved with the transactions, right?

I don't want it to be added, but who am I to interfere? Besides, they can do it anytime. It's just they have the audacity to do it after them criticizing it a few years ago. F*ck the banks. Aside from them giving out loans, they are just useless.

[free-bit.co.in]

why can't they just leave bitcoin alone.?

The banks leave Bitcoin alone, you mean, when they see it as a threat to their business. The banks know that if they allow Bitcoin to win, they simply lose control, and that comes with lost profits. That's not good for them because they aim to continue to control the financial system.

Having Bitcoin around that requires no middleman to send and receive money with almost no fee is a threat, meaning that their service is no longer needed

I don't think banks see Bitcoin as rival or a threat to their business, tbh. They came around on it simply because they realized there's a piece of the pie in it for them too.

Banks do a lot more than move or store money. They also offer loans, mortgages, financial advisory, wealth management..plenty of other services Bitcoin can't replace.

Their real competitors are crypto firms like Coinbase and Circle. That's also why they strongly oppose crypto platforms paying yield to stablecoin holders. This dispute has become one of the key sticking points holding up the CLARITY Act.

[sunsilk]

In the global financial market now a days transaction and payment system are digitalization. People does not dependent on bank for there daily activities in finance. In the world Bitcoin make a confidence and level so people trust on Bitcoin and invest there savings on it. In this situation man more focus on Bitcoin than Bank.

Not all people are like what you're saying. Out of the whole population of the world, it's estimated 1% to 6% of it are into Bitcoin and this was way back 2-3 years ago, I don't have the data for the current.

That's why not all of them are into Bitcoin and that's why they're more focused in the bank and opposingly to what you've said.

So that Bank called it fraud, but they want to include Bitcoin with the bank for there credit investment. 

No, it was before when many of these bank execs have called Bitcoin fraud. One of the popular one was the CEO of JP Morgan himself, Jamie Dimon.

[WatChe]

I don't think banks see Bitcoin as rival or a threat to their business, tbh. They came around on it simply because they realized there's a piece of the pie in it for them too.

Banks do a lot more than move or store money. They also offer loans, mortgages, financial advisory, wealth management..plenty of other services Bitcoin can't replace.

Their real competitors are crypto firms like Coinbase and Circle. That's also why they strongly oppose crypto platforms paying yield to stablecoin holders. This dispute has become one of the key sticking points holding up the CLARITY Act.

Being a Bitcoin fan, we must also be realistic and must see whats going on in real world financial sector. Bitcoin know doubt is getting popular day by day but still its not at a stage where its a threat to banking system as you mentioned that banks have much more money to handle then market cap of Bitcoin. Bitcoin has its own usages and its not created to replace the existing fiat system. Both systems can exists side by side and Bitcoin can still make progress as it has done in previous 17 years.  

[Somegory]

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.

If you can't beat them you join them, this is the only strategy left for the banks to use, there is money to be made from Bitcoin, if microstrategy and big institutions are so into Bitcoin it's because they want the profits, banks will do the same too...

It's left for all Bitcoin investors to go the bank ways or stay away from banks, I as a person that I am I don't need the banks for anything and I don't use or take loans from the banks, so I wouldn't be dealing with the banks.

[Wiwo]

Standard Chartered Bank led the launch of Bitcoin trading for affluent UAE customers. This is one major move by banks to adopt Bitcoin after the year-long badmouthing of Bitcoin by some financial executives.

Times have changed a lot regarding how banks handle Bitcoin, because of regulatory clarity, consistency in existence and increasing customer demand for Bitcoin accessibility via their banks.

2026 is one of those years that bitcoin seeing positive adoption moves from institutional actors and governments involvement through regulatory clarity and a framework for banks to work with.

[Felicity_Tide]

~snip

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 actually went through the article/source that you provided. It was just a bunch of grammatical writeup that only ended up describing how they're going to integrate Bitcoin into traditional financial infrastructure, which sounds very much like the banking system. Well, I don't really know a current existing problem that they're trying to solve because it seems to them like they're trying to solve one, but I know for sure that it's going to come with a cost, because banking institutions are most likely to do things in their own favour rather than that of their customers.

My guess is, Bitcoin custody_{(how people own and manage their bitcoin)}, is likely to be part of it, but I will prefer to wait and see what they're coming up with.