How many times over its short history has Bitcoin been supposedly related to money laundering and being the currency of criminals, drug dealers and the dark web? Quite a few times I'd say, considering how much trash media has been put out in this regard, but quite a few times Deutsche Bank also, supposedly a respectable bank in Germany and outside the country, has been caught off guard.
Money laundering involving Russia, hosting Jeffrey Epstein's funds and interest rate manipulation are just a few of the accusations that it has glued to itself over the years. Now Deutsche Bank is Preparing To Support Crypto Assets, Providing Prime Brokerage and Storage for Clients. I hope my memory serves me well because I wanna ask: hasn't DB also called Bitcoin a criminal's asset?
Well, it seems that Bitcoin and also other cryptocurrencies that serve the purpose for a better and more sustainable world finances are been gradually embraced by banks day after day. Five days ago I wrote in my #askleo post about the next big thing in crypto as banks being the next financial institutions to embrace crypto and here you have me, one after another. If you can't kill it, learn to live with it, right...
What's Deutsche Bank actually gonna offer to its clients?
"Introduce a secure connected bridge between digital assets and a customer’s traditional banking services. Manage the array of digital assets and fiat holdings in one easy-to-use platform, and create the gateway for value added services either supplied by the custodian or via third-party providers. Ensure the safety and accessibility of assets for clients by offering an institutional-grade hot/cold storage solution with insurance-grade protection.”
That sounds like the Binance of banking sector, but that's a story for another post. Deutsche Bank is not the first nor the last from the long chain of banks that are going to basically replicate the crypto exchanges we now use for years and also onboard the crypto revolution that has been designed to revolutionize the banking sector and the current financial system. US Banking Titan BNY Mellon Says It Will Soon Offer Support for Crypto Assets. That came just a couple of days ago, so you know...
For years and years though banks have been trying to trash crypto, to discourage individuals from investing in it from using it as often as possible and rely on its potential and aim at changing the future. Just recently the news regarding Nigeria and India making the lives of crypto enthusiasts hard came out and now we have Jack Dorsey and Jay Z Allocating $23.5 Million in Bitcoin to Fund Ctypto Development.
Guess where that development starts?
Africa and India... I've said it many many times, and it's already a dull mantra, but I'll say it again: look at what they do and not what they say. My take regarding banks entering crypto was clear for quite a few years. I regret that I haven't bookmarked a few posts about it from the good old times of Steemit, when many were dreaming of banks getting wiped out of the planet and a world governed by crypto would arise. I guess will have to live with a mix of that.
Banks are not stupid, they somehow invented the money, so it's basically impossible for them to be left behind this revolution and also slip through their fingers tons of potential fees gains and commissions that's to be made out of such assets/currencies. Let me tell you one more thing: Nigeria and India won't ban shit. They're just prohibiting people for a while from buying cheap so the moguls can accumulate at discounted prices.
Crypto is gonna take over the world, and I know I sound a bit like The Brain from the famous cartoons, but the direction we're heading is clear. There's definitely a need foe a new financial and banking system, the tokenization of everything is in place and there's no damn bank staying in that way. It simply can't. Having a look at how the current banking system works, especially outside the highly developed countries, it's unimaginable.
In Romania for example if you want to send $5 in cash to an account that's not using the same bank as you are it costs $0.62. To simply top up your bank account with $5 cash it will cost you around $1.75... Tell me crypto is not our lord and savior... On the other hand using crypto around, like I do with the Binance card, you even get a 1% cashback on your purchases.
Crypto's "The New Bank" That Traditional Banks Aim To Replicate and there's nothing anyone can do about it. Who knows... maybe Bitcoin has been created by the CIA or who knows what other agency to lure us into the concept and make us embrace their own CBDCs after a while, but it's too good to be that tainted. I can't say whether banks entering crypto is a good or bad news, but they're here and their intentions are clear. Banks fell in love with Bitcoin lately, and that's not just Valentines Day story...
Thanks for attention,
Adrian