Banks Running Scared
By now you will be aware, dear reader, that I believe - like so many - that the crypto revolution is firmly under way. Mass adoption is just around the corner and the closer a reality this becomes, the more treacherous the banks are becoming in trying to prevent the inevitable.
Only yesterday I tried to load a card with funds from my bank to purchase more and almost 24 hours later my transaction remains "pending" - apparently the bank must check to ensure the receiving account is not a scam. The fact that I have done this before, with the same outcome, appears of no consequence to the bank. Meantime I am delayed and losing out.
On the bigger stage, banking giant JP Morgan is taking for damming action; Jamie Dimon - the bank's boss - called Bitcoin a "fraud" and threatened to fire any of his employees caught trading crypto.
Now, as confirmed by Bloomberg, the bank is blacklisting crypto firms, the latest being one of the world's largest and most secure cryptocurrency exchanges Kraken.
Have you heard of JPMCoin?
This is JP Morgan's own cryptocurrency. What's that you say? Hypocrisy!!! ABSOLUTELY.
Not only is the financial world terrified by cryptocurrency, it is doing all it can to slow down its growth while, at the same time, quietly stealing its revolutionary technology.
In the US, Wall Street blames "money laundering" to justify its refusal to support crypto businesses.
Curious. JP Morgan was fined $1.6m for its failure to stamp out money laundering.
Deutsche Bank was recently complicit in $10 billion worth of money laundering.
Just now, the banks retain the support of the media generally and with it the continued support of those who read and believe what they print. For now.
Hot off the press - investment giant Invesco announced the launch of a blockchain Exchange Traded Fund [ETF] on the London Stock Exchange yesterday. The fund features 48 companies with ties to the blockchain industry. The fund is interesting for the breadth of companies listed and includes a major physical mining company Rio Tinto as well as Aluminium Corporation of China. The range of companies able to benefit from blockchain is without limit.
The US regulator is fighting hard to prevent such a launch but with the Swiss launching last December and Invesco's announcement yesterday it will happen.
Time to learn more.