The number of banks willing to do business with the crypto industry is shrinking
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Re: The number of banks willing to do business with the crypto industry is shrinking
#2Crypto is fleeing banks. Bank investors should be worried.
Re: The number of banks willing to do business with the crypto industry is shrinking
#3Anecdotal evidence: Friends of mine tried to open up a corporate bank account in Singapore for their crypto-business. Doesn't go too well.
Re: The number of banks willing to do business with the crypto industry is shrinking
#4Archive with full text of article: https://archive.ph/3FWSM
Re: The number of banks willing to do business with the crypto industry is shrinking
#5Anecdotal evidence: Friends of mine tried to open up a corporate bank account in Singapore for their crypto-business. Doesn't go too well.
Hodlnaut is in Singapore. Makes sense banks there would want to avoid crypto companies after this huge failure.
https://en.m.wikipedia.org/wiki/Hodlnaut
Re: The number of banks willing to do business with the crypto industry is shrinking
#6[flagged]
Re: The number of banks willing to do business with the crypto industry is shrinking
#7Crypto is fleeing banks. Bank investors should be worried.
I vouched. This is a very valid concern, that was even recently mentioned in a paper from the Fed.
Large crypto "banks", with large holdings in fiat banks, can cause huge outflows from those banks, upsetting their reserves balance. Essentially a crypto bank run can cause a fiat bank run. This couldn't be more true when you see examples like where FTX bought a small community bank.
People pretending crypto only effects those in the crypto space are burying their heads in the sand. Crypto is here to stay in some form or fashion.
Re: The number of banks willing to do business with the crypto industry is shrinking
#8[flagged]
I’m not going to pretend Bitcoin is the bane of human existence, I have a hunch that a majority of the people cheering Bitcoin’s (alleged) rise either is a fraudster or a grifter.
Re: The number of banks willing to do business with the crypto industry is shrinking
#9If I were a bank, I'd stay far away from any non-bitcoin cryptos that I'm not an issuer of. Why would I want to own a coin that someone else is able to freely devalue, in addition to conventional currencies?
On the other hand, if I were a bank, bitcoin presents a compelling argument. The supply is finite.
Disclaimer: I don't own any crypto or bitcoin.
Re: The number of banks willing to do business with the crypto industry is shrinking
#10If I were a bank, I'd stay far away from any non-bitcoin cryptos that I'm not an issuer of. Why would I want to own a coin that someone else is able to freely devalue, in addition to conventional currencies? On the other hand, if I were a bank, bitcoin presents a compelling argument. The supply is finite. Disclaimer: I don't own any crypto or bitcoin.
Lol a compelling argument for what? Like as an investment?