A Bank Will Buy Bitcoin?

Photo: Thomas Trutschel/Getty

Falcon Private Bank in Zurich has become one of the first to buy and store bitcoin for its customers.

Here is a quote from the New Scientist article

“We have various clients that are interested in buying bitcoin for investment purposes, and we’re making it very convenient for them,” says Arthur Vayloyan, the global head of products and services at Falcon

I see news everyday that the Swiss are at the vanguard of cryptocurrency and blockchain. But the idea of a "bank" handling your bitcoin seems to be the wrong direction. As the article describes, decentralization is one of the main features of cryptocurrency.

With bitcoin, anyone can be their own bank. This means lower fees. It also means less bitcoin in one place to attract hackers and bitcoin bandits.

I guess the bank vaults could hold your paper wallet. What do you think? Would you trust your bitcoin to a bank?