Resistance to cryptocurrencies from big banks

josevas217 (79)CO [Admin]in Steem Alliance • 9 months ago

A big hello friends of Steem Alliance, I hope everything is going very well for everyone. Today I want to share information and my impressions regarding a topic that I must assume is of everyone's interest, and it has to do with the stance of one of the major banks in the US, as well as in the world, towards cryptocurrencies.

It is no secret to anyone that traditional banking, as we know it today, has always had control of practically everything regarding financial movements, either within countries as well as from one country to another. Reason why they have always had a great social and economic control, but it is also true that once digitization has been established, and especially with the creation of Bitcoin as well as the rest of cryptocurrencies, traditional banks have been losing ground.

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The emergence of Bitcoin, just after the great real estate and financial crisis of 2008 marked what at least for me, represents a frank decline of the power that traditional banks have always had. In this particular case it is J P Morgan Chase, one of the oldest and most powerful banks in the US.

Recently its CEO, Jamie Dimon, in an interview, lashed out against cryptocurrencies, something that is not new, as he has done so on other occasions. But at this very moment it takes on greater importance considering that there is the process of a possible approval of Bitcoin ETFs as well as Ethereum. Among the things that this character said is the fact that "the only use of cryptocurrencies is to serve for illegal activities ", and that "they should be banned immediately ".

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What he says undoubtedly makes you think of several things. On the one hand, he must be aware that cryptocurrencies, and the technology underlying them, such as Blockchain, have the potential to dethrone the entire empire that banks have had for decades for the sole and exclusive financial management on their part.

But I also think it is absurd that a person with such a background in finance, and who obviously must know about technology, has such a radical position towards something that is undoubtedly representing a real revolution in many aspects. Although it is true that cryptocurrencies are being used illegally, the reality is that the good they are doing is much greater than the harm.

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So the question arises in this case, was it a ploy to drive the market down and buy cheaper?, which logically did not happen. The reality is that there are many things happening right now, and in general they are good.

Beyond the criticisms that some people may make, those of us who are here, those of us who work in this financial ecosystem know that there is a lot that can be done from here on, and without so much bureaucracy, without so many of those formalities to which the banks have accustomed us.

Conclusion

Beyond all these criticisms from influential people in finance and traditional economics, I think that what is happening is a kind of war against a new system, and it is normal that this happens, those who have ruled for so long in a sector, seeing a resurgence of something new with the potential to push them aside, the resistance will be present.

Still, this crypto financial environment will continue to grow, it has been doing so for the few years it has been around, and each time the adoption is much greater. I hope you agree with me, and if not, I would like to know your position. Thank you very much for reading this far.