Deutsche Bank (DB) is reportedly undergoing a rigorous restructuring process which may cost up to 20,000 jobs worldwide.
On Sunday, the German multinational investment and financial services bank announced that the reorganization has fuelled significant staff rollbacks, with New York and London offices facing the maximum brunt.
The news may seem extremely upsetting for the European economy given the consequential scale problems, however, the Bitcoin enthusiasts never fail to make the best of a bad situation.
Bitcoin proponents speak up
Although there is no direct correlation between the two, Bitcoin’s popularity increase has been observed following the devaluation of the Chinese Yuan and the US dollar in the past. Besides, the catastrophic hyperinflation in countries like Venezuela and Brazil also led to mass adoption of Bitcoin.
Anthony Pompliano, the co-founder of Morgan Creek Digital and a popular crypto connoisseur, tweeted that DB operations have become obsolete considering the advancements in the digital space. Bitcoin’s rise in such case is imperative.
Meanwhile, Bitcoin exponents like Gabour Gurbacs and Whalepanda also chose to express their concerns on Twitter over Deutsche Bank’s imminent collapse and a consequential increase in Bitcoin prices.
Bullish for Bitcoinhttps://t.co/IpNA3pEIfD
— WhalePanda (@WhalePanda) July 7, 2019
Bitcoin steering the change in banking
While economic collapse could be the result of widespread notions of Bitcoins investors around the world, the interest rate cuts from the Central Banks add fuel to fire by reducing profitability and causing traders to turn to Bitcoins.
Mati Greenspan of e-Toro speculates that with interest returns just over two percent (2%), the collapse of the economic system could very well lead to Bitcoin driving the economic performance and limiting the role of old-school banking.
Christine Lagarde, the newly appointed chief of European Central Bank, explains how cryptocurrencies are governing the way commercial banks operate. She highlights that digital currencies are transforming the face of conventional banking to bring about never-before possibilities in world economics.