Last Weekend I spoke with a UBS Banker who is responsible for working with the blockchain technology. He told me about the investments they made in the "new" technology to looking forward and to see how they can use it as a bank. What is really interesting.
But on the other side, he told me about what he thinks of the future of Bitcoin and other cryptocurrencys.
He said:"The bank will never allow that Bitcoin will put them out of the game." Everyone knows that the banks having a huge impact on the world. And the governments depend on the banks. Mostly in Switzerland where I live.
The governments would not allow that there is no bank anymore.
So this is going to be a huge problem!
If the Bank doesn't want the bitcoins the governments don't want it either.
If we have a look at China we see how fast something can go down. Like with the ICO. The government so a difficulty and shot the ICO down.
The same is possible in other countries when the Bitcoin gets too big or impact the banks too much. They just declare it as illegal. And Bitcoin is out of the country.
An other huge impact is the control, the governments want's to control the money and doesn't want that everything drives in the anonymity. In fact, they have to find out how this will work out with the cryptocurrencys, how are they going to do it with taxes and so on. If this won't work they will not allow it to grow.
So for me, there are just 2 Ways it will lead.
The worst case, bitcoin gets too big and impact the bank too much or the government can't control it. The Bitcoin get shut down in this countries. Till they find a way it will work.
And we will just use the Blockchain technology for other stuff, like smart contracts and more.The other case is that the Bank got a way how they can make a profit out of it. Like some private swiss banks, they already allow investments in the cryptomarket. If the banks get happy the chances for bitcoin and other cryptocurrencies are much higher.
Sad is just that the Idea from Bitcoin was to put the banks out of the game. But till now I don't see a chance for that.
And also the governments found a way out to control the bitcoin and to successfully implement bitcoin in the system.
If you see there is not just everything going well and there will come huge problems to us in this market. But I think we all hope that the cryptocurrencys are having a nice future. I don't wana spread fear or buting crpytos in a bad light. I just tried to show an other view on it. I hope you liked it.
Let me know what you think where will be the future.
What other problems will we have to solve?
I hope we will have here a nice discussion about it.
Kindly regards
your #goodmindset