Bitcoin and Other Cryptocurrencies and the Effects of Banks and Financial Institutions

Posted on by Steven Dobson

 

As Bitcoin and other cryptocurrencies enter the mass adoption phase banks and financial institutions are buying in and holding.

 

When you consider the amount of Bitcoin and other cryptocurrencies these banks and financial institutions can control, you will have a better understanding about how the working man and woman can miss out on the wealth being created in this space.

 

First, there was a lot of F.U.D. (Fear, Uncertainty, and Doubt) put out by the same banks and financial institutions about Bitcoin back in the day.

 

Second, those banks and financial institutions got smart on Bitcoin and other cryptocurrencies.

 

Third, they started implementing the infrastructure needed to participate in the cryptocurrency space.

A prime example of this was JP Morgan Chase opening their Cryptocurrency exchange to transfer money overseas for their wealthy business customers.

 

They justified it by saying that it was faster and cheaper than traditional money transfer systems currently in place.

 

That is true, the state of current money transfer systems is that they are archaic because banks involved in the process are on different systems that do not talk to one another.

 

Transferring money across borders requires currency conversion (plus a fee) and transfer the money to a system where it can get to its destination (plus a fee).

 

That is where BLOCKCHAIN comes in!

 

BLOCKCHAIN is the system that cryptocurrencies reside on and it is safer, cheaper, and quicker than traditional money transfer systems.

 

JP Morgan Chase’s Cryptocurrency Exchange is based on the Ethereum BLOCKCHAIN, and word on the street is since they opened it, over 300 banks and financial institutions are using it to transfer money overseas for their wealthy clients.

 

Fourth, legislation and regulations had to be passed by the government so that they were not in violation of their fiduciary responsibilities.

 

Now that the regulations are in place you need to look at the Assets Under Management (AUM) by these GIANTS in the Financial World to get an idea of how much money will flow into Bitcoin and other cryptocurrencies.

 

Here are a few of the banks and financial institutions that have invested in Bitcoin and Other Cryptocurrencies:

BNY Mellon

Citibank

Goldman Sachs

JP Morgan Chase

Morgan Stanley

PayPal

VISA

 

I want you to conduct your own due diligence and find out how much AUM each of the banks and financial institutions above has and how much they are devoting to Bitcoin and other cryptocurrencies?

 

If you want to see what I am doing to participate in the wealth being created in the cryptocurrency space, watch the video below and decide for yourself if you want to participate:

https://youtu.be/rJJxZYLXRNA

 

After watching the video above please contact me to get your questions about the video answered by calling 1-877-515-9650.

 

As always, conduct your own due diligence so that you make an educated decision instead of one based on emotions.

 

Leave a comment below, share on your social media pages, and subscribe to my blog so that you may be notified when new content is added.

 

DISCLAIMER: I am not a financial advisor, planner, or CPA, and I am not giving anyone investing advice, I am just sharing information I know and use in my own decision-making about cryptocurrencies. If you need financial advice, please seek the advice and guidance of a licensed financial advisor, planner, or CPA with knowledge of cryptocurrencies.

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