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Can Bitcoin make banks remain relevant?

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TL;DR

  • Banks asking if Bitcoins can help them stay relevant
  • The acceptance and adoption of the cryptocurrency keeps growing

Two investment strategists have said that banks are now paying a very close attention to popular cryptocurrency, Bitcoin. According to these strategists, the banks are asking if the coin can help them stay relevant in the financial industry.

One of the strategists, Meltem Demirors, the Chief Strategy Officer of Coinshare made it known that banks top officials were regularly asking her about the crypto industry.

She went on to say that the Treasury bonds that were yielding low interest and that the rising debts of the governments of the world had played a major role in the renewed interest in Bitcoin.

In her words, she said that the banks and asset managers were already asking if Bitcoins can make them stay relevant. They wonder how they can deliver products that their clients can pay for.

The founder of Lyn Alden investment strategy, Lyn Alden, also confirmed that she was also having similar conversations to the one Meltem was having with the bank executives.

Lyn went on to note that she recently made a presentation to the board of directors of a bank. She said that Bitcoin was one of the points made in the presentation. 

She further added that the board asked questions concerning the crypto asset like if they should treat the coin like a commodity or like a currency.

Bitcoin adoption and acceptance keeps rising 

The rate of adoption and acceptance of Bitcoin has grown immense in the recent time.

Financial institutions like PayPal, Square etc have integrated the crypto coin into their system. This has increased the level of trust and acceptance the coin has seen.

Generally, countries like China, Japan, Bahamas have also been working on a Central Bank Digital Currency that can be used to complement their fiat currencies.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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