Buying Crypto at a Bank?  No, Thanks...

in #leo3 years ago

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While I have not seen it directly at any institution, there have been a number of articles and news pieces that have mentioned the fact that banks are gearing up to be an alternative place to acquire cryptocurrencies. While it makes sense from an economic perspective as the growth and adoption will create the demand for these services, I believe that these offerings will undermine many key concepts of the asset class. What makes us think, for example, that they will attend the needs of the over 2 billion people that remain unbanked despite the centuries of them dominating the finance industry.

The reality of the situation is that given the governance structure of these institutions, customers fall relatively low on their priority list. After the do all they can to satisfy the needs of their shareholders, the top executives take millions of dollars home (some may even say that those are the true priority). Then, regulators come at the top of their list as the each share the role of distributing wealth and managing the economy. I think most of us know that individuals are not on any of those group's priorities so why subject the most significant breakthrough in monetary sovereignty to these centralized parties? I say, no thanks!

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