March 2, 2021

Cryptheory

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Is Bitcoin dependent on banks?

1 min read
Is Bitcoin dependent on banks?

As the economic slowdown approaches, many of the narratives that have flowed around Bitcoin have changed. Satoshi Nakamoto intended the cryptocurrency as digital money. However, in the end Bitcoin seems to offer the role of gold. So what is the future of Bitcoin and depends on how it works on banks?

Bitcoin depends at least to some extent on banks. Even if we want to use it as from people to people, we still have to buy it somehow. NewsBTC’s Tony Spilotro reflects on how long banks and cryptocurrencies will be inseparable.

Spilotro speculates on the simple fact that Bitcoin is extremely dependent on the will of the government and centralized authorities such as banks.

If the government decides not to support cryptocurrencies, or if banks or banking services do not send money to cryptocurrency exchange, the user will not do anything about it. As evidence are some dictatorial regimes in Asia where the cryptocurrency is illegal.

However, authorities do not have the ability to control trade o the blockchain itself, but that does not mean that they cannot prevent such trade. But keep in mind that in 2020 there are a number of non-banking services.

Spilotro rounds off its thoughts that Bitcoin is unlikely to succeed as digital money. But his place as a safe haven would probably not be taken over by anyone. At least for the time being.

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