Crypto threatens Bank of America? - page 2.

alyssa85

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Quote from: amzadabir on March 08, 2018, 04:26:57 AM

One of the world's largest financial institutionsadmitted in its annual report that cryptocurrency is a looming threat to its business model. According to a report filed with the SEC by Bank of America, "Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of clients to do business with us."

They are being realistic - good for them. It's better than JP Morgan's approach which is to pretend cryptocurrency will collapse and go away.

JerryJam

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The second largest Bank in America sees cryptocurrency as a serious threat to itself. He considers bitcoin as its rival.All banks play the role of mediator. If clients prefer cryptocurrency, they will lose the ability to control financial flows and lose some profit.Banks will have to allocate huge resources to preserve competitiveness.Recently, the Bank banned the purchase of cryptocurrency from credit cards .But a purchase with a debit card no limits.

joanshu

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It is foolish to think that the banks see crypto as a threat as the banking activities are not just about making investment and dropping cash into fixed deposit other than investing money on banks there are lot of facilities which the bank provides they are like giving loan and they accept deposits from the public and give them interest for their deposit and the value of amount we deposit in the bank is not affected by any market change and the depositor is entitled to get interest based on their value.The banks has high financial stability and so banks are highly regulated in most parts of the globe.As far as crypto being threat for the bank is something which i feel as foolish as crypto are just investments and their markets are never stable.

syaripudin

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actually crypto is not a threat, it will be a new opportunity for system bank this is said based on research from one of the analysts City Research. paul vigna from the journal WallStreet has even written from his research that basically bitcoin is proof of concept that is quite successful in digital currency but most banks are not interested in decentralized crypto currency system for several reasons, especially taxation issues.

Lampaster

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All people should understand that by giving money to save banks, they lose control over them. Bankers use it and didn't notice as lost control of a situation. Bitcoin has received support because people understand this and do not want to trust their money to banks. This destroys the traditional banking market and deprives banks of income. We are facing a colossal banking crisis. The Bank of America understands this and now a war against bitcoin will be organized. I hope we will win this war.

pogiparin

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What scares bank of america is that people would rather invest on crypto rather than on bonds. This would slow down the growth of the economy since cryptos are not yet included in a country's economic system.

Tom Korsteng

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Nothing threatens this bank. Governments kill any thing that can damage the system that's why bitcoin is not a threat

CHENIEN

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This is something a news that affects cryptocurrency business, although many times I heard a news about banks banned crypto business, but until now cryptocurrency business still exist. Maybe all threats are form of any personalities from governments to force cryptocurrencies pay taxes. If we try to think, why there are some forms of threats, maybe it is only a strategic way in cryptocurrency business, and we don't know the reality or the truth, because we are only a crypto enthusiasts, because the reality and truth is beyond the creator only.

amzadabir

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One of the world's largest financial institutionsadmitted in its annual report that cryptocurrency is a looming threat to its business model. According to a report filed with the SEC by Bank of America, "Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of clients to do business with us."

lopez cryptomania

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I realize this news came out 2 days ago however I love this! Bank of America in fear of crypto as a business risk, ha them bastards deserve what's coming next because they and all the other banks have been screwing us in the billions of dollars in bs fees and penalties annually, not to even mention the trillions of dollars they have tied up in their junk CD's and savings/bank accounts. Here's a link to the article for more info: https://www.coindesk.com/bank-of-america-cryptocurrency-risk-factor-annual-report-10-k/

Topic: Crypto threatens Bank of America? - page 2. (Read 251 times)