Banks do not want bitcoin to become popular - page 6.

Issa56

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Quote from: Maaz Sultan on December 08, 2022, 01:43:31 PM

Yes, you are right the banks do not want to become papular because if all the people start putting their investments in crypto wallets and crypto exchanges they will lose their customers who save money in their banks.

Since I started cryptocurrency, I don't really keep money in my bank account any longer, the only amount I always leave in my bank account is the amount I know I will be needing at that particular time, I believe my money is safer in my wallet than in my bank account, so why will I be keeping money in my bank.

Banks are against bitcoin because they noticed most people are diverting, most people in Cryptocurrency prefers keeping money in wallet than bank, if bitcoin continues to grow, then banks will keep on losing customers that's why they want bitcoin to die which is not possible, the only thing that can happen to bitcoin is that the price will dump, which I know with time it's going to bounce back but they can't kill bitcoin.

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But this is nothing new. The position of banks is not at all different from the positions of governments regarding Bitcoin and other cryptocurrencies. Hence the revolution of the Bitcoin protocol, which alone is capable of entering into a confrontation with all these ruling institutions.
Bank owners, in addition to many decision-makers, did not hesitate to publicly declare their absolute rejection of this technology, and their argument is based every time on distorting Bitcoin and trying to limit its role in illegal activities such as theft and money laundering.

dbc23

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And if it eventually plunges to $5000 what difference does it make. We have had the worst plunge Since November 2021 when it gradually dropped from its ATHs if it keeps falling we keep buying, the fact remains the bear will not have the season for ever. Even if it keeps falling it will never go into extinction. The banks are only scared of how much control Bitcoin owners have over their coins. CNBC should know that we are unapologetically Bitcoin buyers if it keeps falling we keep buying. We will definitely get to the moon again.

But I wonder why the banks are so worried about Bitcoin. The economy has made many withdraw their Bitcoin holding to support their physical business amid the high inflation rate. If there was anyone to raise alarm it should be the Bitcoin community but we have learnt patience and holding till the market becomes favourable again.

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Basically it was like that from the start because indeed banks and bitcoin are like water and oil because they are the opposite of one another.
So with things like this now declining, it's not surprising that there are statements like this because apart from convincing people who don't know and don't like bitcoin, it's also meant to raise that they are the best, although for me personally I'll just smile dealing with statements like this because I consider this a funny joke.

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Quote from: JohnBitCo on December 08, 2022, 02:09:48 PM

Banks fear that if bitcoin becomes popular, people will withdraw money from the banks and put it in bitcoin and cryptocurrencies. Banks need money to run their business and if people stop depositing in the bank, the banking sector will come to an end. That is the reason why you will never hear any positive words about bitcoin from a banker.

I don't understand what exactly they are worried about, it makes no sense to me. Bitcoin will not destroy the structure of the government's financial system even though some people will actually use bitcoin for financial transaction matters.

Bitcoin could actually be considered an advance in the field of the financial system if governments and banks really wanted to take advantage of it. They don't need to be afraid of bitcoin, but they just need to understand that bitcoin can help them in many ways. As for profits, governments need not legalize bitcoin as a means of payment but may need to regulate it and tax profits made by traders or investors, but they will not be able to prevent bitcoin's popularity.

seoincorporation

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Bitcoin is a known enemy of banks, they weren't made to be friends. Just think about that satoshi's quote:

Quote

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

Banks want to control the money, it has been their job for the past years, and with bitcoin they don't have control, with BTC each user is his own bank, and that's the main problem with banks and bitcoin.

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Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

I am not surprised seeing this at this very moment. We all know the banks are wary of Bitcoin surpassing their existing stand. The long feud between banks and Bitcoin will never come to an end till one of them either way bend or bow to the other which I know for sure the bank will.
Do not forget the beginning of Bitcoin how it was ridiculously ridiculed but it was not the end of the road for Bitcoin as it surpassed their imaginations. Now they see Bitcoin as a treat to their goals in getting more profit from individuals with no knowledge what's they do with their funds. I laugh some times because the banks that agitates against Bitcoin have bankers fully as Bitcoiners you know that is laughable. It is only a blind and deaf human would take the talks and prediction of banks against Bitcoin existence serious.

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@OP., that is normal if you ask me, banks in the past have done and said worster things to bring bitcoin down and discourage as many as possible from using and adopting it, but then, bitcoin keeps growing, even amid all the fud from entities that see bitcoin as a threat.
If you are a true believe of bitcoin, news like this meaning nothing, banks are just playing their game, doing their bid, in the end, they are not forcing anybody to sell their bitcoin, it is up to you and I to hold our bitcoins firm and not let go.
Countries are gradually adopting bitcoin, recently, Brazil began accepting bitcoin as a legal means through which her citizens can pay for goods and services, bitcoin is already a legal tender in two countries, that's a big achievements already and trust, the banks are just fighting a battle they've already lost if they are indirectly fighting bitcoin with such a prediction.

The Cryptovator

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How do you think centralized banks will anticipate decentralized Bitcoin reaching $50,000? So how are they going to make money off of us? There are a lot of stupid predictions all around us that never come true. Many people predicted that Bitcoin would reach level zero, did this happen? Many banks in my country are experiencing liquidity issues as a result of sudden withdrawals. As a direct consequence, they will attempt to manipulate the market. They want to sell our Bitcoin and deposit it in a bank. That's all.

teosanru

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Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

A pro Tip: when you see banks and news channels predicting such things and putting it open right in the media and news, it's time to fill your bags because the bull run is about to begin. Basically these people have also filled their bags and are now spreading this news to make sure they can fill even more at lower values. It's always like this you see positive news from banks when bitcoin is at the top and absolute negative news when it's at the bottom and both of these are equally alarming as they mean that tables are about to turn now.

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I will never feel angry when I hear statements that banks will not support bitcoin and even tend to give a negative view. I prefer to ignore what they are saying at the moment because in the end they can't hide the fact that bitcoin is still better than the current centralized financial system.

Bank are the opposite of bitcoin's decentralized system, So I'm not surprised by their bad statements on bitcoin. But maybe you should know that some bank officials will eventually admit that bitcoin is important in the financial system. So no new surprises, but it's always possible for bitcoin to lose a lot in value when hit by big negative issues.

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Banks don't want to let the people know that they want to have bitcoin at a discounted prices. That's what I can see with this when they're starting to spread FUD or any price predictions that's quite low. Well, yeah, it's possible but that's probably the price that they would get more if it drops some more. Because whenever it is published to the media, it creates the selling pressure and when it does, there will be panic sellers that will make the prices too low but don't be too scared with such claims.

Maaz Sultan

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Quote from: Little Mouse on December 08, 2022, 01:08:12 PM

No bank would ever be happy to see bitcoin a success as that will minimize their fraud business scheme. I'm not surprised.

Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$.

Well, I'm not surprised that they said that and it's nothing of surprising prediction. Don't you think Bitcoin may reach at this level? I think it's very much possible too. We have seen huge ups and down in Bitcoin price from the very beginning of bitcoin.
PS- I'm ready to dump whatever I have @$5000/BTC Cheesy

Bro 5000 $ is impossible if the Bitcoin somehow crass 10000$ it would be the start of a new bull run. It's crypto no one knows any think about it. But 5000$ is not possible.

JohnBitCo

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Quote from: Rana590 on December 08, 2022, 02:04:23 PM

Who wants to reduce his power by giving opportunity to others? Actually government wants to handle financial sectors but Bitcoin is a threat for banking system. Banking system will not be used regularly and it is huge losses for this sector. There will be a good competition between banking system and Bitcoin. In this competition Bitcoin will survive as it has different use cases and benefits. That's why banks do not want Bitcoin to become popular which is not good sign for banks.

Banks fear that if bitcoin becomes popular, people will withdraw money from the banks and put it in bitcoin and cryptocurrencies. Banks need money to run their business and if people stop depositing in the bank, the banking sector will come to an end. That is the reason why you will never hear any positive words about bitcoin from a banker.

Maaz Sultan

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Yes, you are right the banks do not want to become papular because if all the people start putting their investments in crypto wallets and crypto exchanges they will lose their customers who save money in their banks.

Rana590

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Who wants to reduce his power by giving opportunity to others? Actually government wants to handle financial sectors but Bitcoin is a threat for banking system. Banking system will not be used regularly and it is huge losses for this sector. There will be a good competition between banking system and Bitcoin. In this competition Bitcoin will survive as it has different use cases and benefits. That's why banks do not want Bitcoin to become popular which is not good sign for banks.

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Banks can have different reasons for spreading FUD about Bitcoin. One can be that they want to decrease its popularity, but it can also be just to ensure that people keep trusting the banks and store money there, not wanting to risk with the volatility of Bitcoin. Also, it can be done, so that the price falls down as people engage in panic selling, and banks can buy low to sell high later. While Bitcoin is in principle a competitor of banks because it doesn't require them and thus empowers people, banks don't need to oppose Bitcoin: they can try to position themselves as crypto-friendly, offer to hodl the crypto funds of their customers or offer them to invest in Bitcoin. In any case, there's no reason to believe such predictions as $5k price, regardless of who makes them.

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Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

As much as someone could dislike banks their reaction is completely natural, if you had a complete monopoly of a market then you are not going to like at all any kind of competition appearing out of nowhere, specially the kind that you cannot overcome, we have seen this many times in the past and banks somehow thought that they were immune to this kind of competition only to realize too late this is not the case, since bitcoin will get more popular regardless of what their wishes are.

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Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

Of course they don't... Bitcoin is creating an alternative to legacy banking. If bitcoin gets adopted widely, that would mean less legacy banking adoption and that means less bankers to have in payroll. They are desperately trying to secure their jobs by attacking bitcoin with the hopes of driving people away from it. Thanks to the internet, these strategies never work because people are informing each other and seeing through their scam easily.

I still think though legacy banking and bitcoin can coexist together. Bitcoin is not perfect enough to replace legacy banking.

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Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

This seems like a pure FUD post.
First of all, using common sense should make it clear, that if BTC were to drop even lower than now, there are quite a few very wealthy potential investors, happy to jump in waaaaay before $5k. Around the 13k mark, 11k mark 8k mark... etc.
Secondly, like everyone is already stating: Oh, a bank spreading FUD about Bitcoin. What's new exactly?. Roll Eyes

And if you already post a screenshot of some random mainstream media blah-article, at least link to the full article so everyone can get some context (if there is any).

Topic: Banks do not want bitcoin to become popular - page 6. (Read 997 times)