The recent decision to allow the storage of Bitcoin and other crypto assets in the US banking sector is one of the best news for the crypto industry in 2020.
Furthermore, analysts claim that this step is just an egoistic drive of the banks to stay afloat because they are afraid of the unavoidable decline of the system of fiat currencies and thus try to secure their assets in cryptocurrency.
Max Keiser, a prominent financial expert, host of the TV show “The Kaiser report”, has expressed the opinion that banks are afraid of the uncontrollable inflation and being left behind by other organizations that already invest considerably in Bitcoin.
“Banks storing #Bitcoin means banks are panicking”, Keiser stated in a Twitter post.
“They would love to ignore BTC but with fiat money collapsing and countries like Iran actively mining, the BTC game theory baked into the protocol kicked in once again and has destroyed all bankster resistance”, Keiser reiterated.
A lot of crypto enthusiasts pointed out that if everything is alright with the American dollar, then the banks would not be concerned with providing custodial services for cryptocurrencies. As recently as last year, Wells Fargo Bank stated that its customers are not allowed to use credit cards to purchase cryptocurrency… in order to protect them from themselves.
Earlier this month Forbes called the Federal reserve a “default factory”. Coincidently, as a confirmation of this classification, the federal government registered a record monthly deficit amounting to $864 billion. The total amount of government debt in March 2020 has been estimated at $23.7 trillion.
