In the past couple of weeks I have seen many people coming forward with issues of moving funds into the crypto space. Some banks have decided to intervene when people transfer funds to crypto curreny exchanges and have frozen accounts as covered here when Westpac decided to freeze a family’s account just before Christmas or, as the photos below show, reversing transfers made to crypto exchanges, while Commonwealth Bank has apparently decided to just blacklist crypto exchanges altogether.
Many have expressed growing fears of what is happening with moving funds in and out of banks etc. with questions such as: Why cant I move MY money where I want to? How can I get my money on to exchanges? Will I be able to get my money back into my account from an exchange?
It is my opinion that Banks can see the writing on the wall and that these kinds of tactics are utilised to deter people from evolving to cryptos by creating fear, uncertainty and doubt (FUD). What this may mean is that banks will first try to “lock us in” by not allowing us to buy cryptos via keeping our funds in our accounts. If this is their plan then the banks will more than likely also “lock us out” by preventing incoming funds from crypto exchanges. The banks will also state that its for our protection, its funds terrorism, it’s a bubble, a Ponzi scheme, and anything else to keep people away from making the transition to cryptos as it evolves to more a mainstream and accepted form of investment and trade. Despite the fact that their actions have halted a legitimate transaction while taking a fee for doing so.... um... fraudulent activity indeed.
The fact that all this is happening may scare people off, It may make some people pull out of cryptos completely, and this is a decision each person should make for themselves. However, it is my opinion that these are markers of desperation as banks attempt to strong arm their customers and cling to the power they have left as they lose control of their position. These are all attempts of self-preservation of the banking industry, and even if they do implement these strategies let me remind you of this… Necessity breeds creation. This may be the push needed to create the next gen digital currency that is “actually used” as a currency instead of being more of an investment medium AND may create a digital currency banking network. To paraphrase Fredrick Douglas without struggle there is no progress...
So to all in the crypto space I say this, let them do their worst, they are fighting a losing battle and only stalling what is inevitable, resistance is futile, the future is now, the power lies within the people.
More to this fact, it is OUR money, WE are the customers of the banks. If the service being received is not adequate or to our liking then make the shift to other banks which provide better services. What would happen if people pulled THEIR funds out of the banks doing this? they would collapse, while raising said other banks to new levels, do not underestimate your own power to bring about change, not just in your own life but in the world. The reason banks are so cocky about what they choose to force upon us is because for decades we have just taken the crap they serve us… because they know we do ‘fookin nuttin’.
Well its time to wake up, make some decisions about your future. Are you In or out? Will you stay or go? Will you let the banks decide what you can and cant do with your own money or will you take your business else where ? Were you born to resist or be abused ?