What are the effect of Bitcoin on financial institutions?

[Potuse]

Some major financial institutions have also adopted bitcoin because they knew they cannot catch up with the rate at which bitcoin is developing and as such, if they can't beat them, they will have to join the bandwagon of progressives.

 

[Nomad]

Bitcoin is a direct thread to traditional finance. That's because it eliminates the role of banks in transferring funds or controlling money. However, the rest of the business community can benefit from Bitcoin because it is faster and cheaper.

 

[Heatman]

Bitcoin took away the power of financial institutions have in stopping money laundering because there's no limit or checks to the amount of money value you can send through Bitcoin or any other cryptocurrency and there's no way of tracing the transaction. This is a very big threat to the financial sector.

 

[Henrywrites]

Some major financial institutions have also adopted bitcoin because they knew they cannot catch up with the rate at which bitcoin is developing and as such, if they can't beat them, they will have to join the bandwagon of progressives.

Some of the financial institutions are not happy with the evolution of crypto currencies as a whole. So, they will be doing everything to fight it. Just take a look at how SEC sued the Binance owner and you will realize that there is a lot of wars happening behind the scene.

 

[Ja Sa Bong]

Bitcoin is a threat to the financial institutions because government doesn't want to embrace it. Should they do it, they will find a way to incorporate Bitcoin in the financial institutions and it will help to boost it rather than kill it.

 

[Riberet19]

It depends on the financial institution we are talking about, if we talk about banks, I think they do not want to know much about Bitcoin, because since blockchain technology and cryptos appeared, they lost control of many transactions and that is money that they lose, but there are other institutions such as asset Managers that are embracing this technology and are taking returns from it like Blackrock or Fidelity, I think that in the end most institutions will adopt bitcoin and crypto.

 

[Nomad]

Bitcoin also eliminated the role of financial institutions like banks. banks were enjoying hefty prices for funds transfer, and bitcoin has stopped that from happening. Bitcoin and other crypto also undermined the role of traditional investment markets like stock exchange.

 

[Heatman]

Some of the financial institutions are not happy with the evolution of crypto currencies as a whole. So, they will be doing everything to fight it. Just take a look at how SEC sued the Binance owner and you will realize that there is a lot of wars happening behind the scene.

The government are just the one's that are solidly against cryptocurrency and that's why they give directives to all banks from Central Bank to freeze all bank accounts that's linked to any cryptocurrency payment or transactions. Banks would definitely gain from being involved with cryptocurrency trading and transactions.