US President Joe Biden's recent executive order on cryptocurrency will help banks get more comfortable with the world of crypto and meet the demand that many Americans have to get Bitcoin and other cryptocurrencies directly from their banks.
There’s promising news here for banks. Of Americans who already hold Bitcoin or other cryptocurrencies, more than half said they’d definitely use a bank to invest in crypto if they could, with another 42% indicating that might do so.Banks Are Dipping Their Toes Into CryptoWhat’s Going On in Banking 2022
study, just 1% of US banks provided cryptocurrency investing or trading services before this year. Looking ahead, about one in 10 plan to offer these services in 2022, with a nearly similar percentage planning to offer crypto custody/safekeeping services or rewards.Despite receiving positive guidance on crypto activities from regulators in 2021, there are crypto-skeptics among bank executives.
“Why are there more cryptocurrencies than US banks and credit unions combined? When is the consolidation and fallout going to occur?”“[Cryptocurrencies] aren’t stable enough to be a legit payment mechanism as the value could fluctuate during the transaction. Instead of pushing crypto ATMs and ways to create your own currencies, it would be great to see more focus on how to solve issues like unaffordable housing and the student loan.
Hmm. If people can make money through crypto investing, maybe they’d be in a better position to pay their rent or student loan bills, no? It’s no use arguing with an anti-crypto banker, however, so thankfully another bank exec remarked: “We need to accept that cryptocurrency is here and start planning TODAY on how to approach this and not wait until it’s too late and we’re reacting versus planning.”Banks have a long list of reasons for avoiding cryptocurrency—“consumers shouldn’t invest in it,” “too many regulatory issues,” “it’s too risky,” and so on.
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