Large financial institutions start to feel a threat from Bitcoin !!

rinaalone (42)in #steem • 7 years ago (edited)

Rainer Michael Price, CEO of Taurus Wealth Advisors, commenting in an interview for CNBC Jamie Dimon, said that American banks and their leaders feel threatened by the growing popularity of Bitcoin and fully supported the position of analyst Brian Kelly. This is written by Bitconnect.

Earlier this month, Jamie Daymona, CEO of JPMorgan, the world's largest investment bank with a capital of $ 332 billion, was criticized both by the banking industry and the crypto-currency economy for his unreasonable allegations against Bitcoin. At a banking conference organized by Barclays, Dimon stated that Bitcoin is fraud and that the government should prohibit the use of crypto currency.

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However, shortly after this announcement, analyst CNBC and trader Brian Kelly criticized Daymon for his lack of knowledge about the structure of Bitcoin and the contradictory nature of his own arguments in favor of Bitcoin. At the conference, Dimon explained that Bitcoin was only useful in regions such as Venezuela, which have a bad banking infrastructure, because people can use Bitcoin and its decentralized network to bypass the government.
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Kelly noted that Dimon contradicts himself with the idea of a government ban, as Dymon himself admitted, Bitcoin is used to bypass the government and existing banking systems.

In the transfer of CNBC "Fast Money" Kelly explained his position more precisely:
"I think that Jamie Dimon is absolutely wrong: First, the genie has already come out of the bottle, it can not be hidden back." Second, Dimon told how the governments of different countries would eventually ban Bitcoin. "Bitcoin was designed precisely to ignore governments It was for this purpose that it was developed and everyone starts to understand it.Jamie even said that if you are in Venezuela it would be a great idea to use Bitcoin to get around the government. "

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Banks and heads of leading financial institutions are afraid of Bitcoin because it has the potential as an alternative to a global financial network that is controlled by a small group of banks. In contrast to fiat money or ordinary assets, Bitcoin can not be regulated, censored and changed the principle of its operation. The decentralized nature of Bitcoin makes the very existence of banks and financial institutions useless by using the peer-to-peer protocol.

"Of course, if you run a very large American bank, you are more likely to be afraid of the blockade and Bitcoin.The banking system is also worried, and the Fed's balance is estimated at $ 4.5 trillion, but the Fed officially refuses to audit.On the other hand, in the Bitcoin chain of blocks, you have the opportunity to conduct an audit at least every day, because it is open to any user, "- said Price.

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