Financial institutions across the globe are working desperately to suppress the spread of cryptocurrencies. On more than one occasion, many have asserted that crypto will threaten their business model, which is another way to say that crypto is legitimate, the same way the CD replaced the cassette tape. In order to substantiate their claims that crypto shouldn’t be allowed, they often resort to the same old, tired song-and-dance, arguing that crypto is only good for criminal activity and has no real value. This, despite the fact that leading analysis firms have already found that fiat is still a better option for criminals. This position is substantiated even more when considering a major criminal organization that has used fiat as its currency for centuries.
According to records, banks have been fined $243 billion since the financial crisis a decade ago. The majority of the fines have centered on “dirty money” activity, the same activity financial institutions allege is made possible only through crypto.
Dan Held, who goes by Dan Hedl on Twitter, puts it best. He tweeted earlier this month, “Bank fines since 2008: $243B. Crypto market cap: $134B. Which one is used for illegal activities again?”
Warren Buffett is one of the richest men in the world. He is also a fiat shill and a crypto denialist. He has called crypto a scam and a delusion and says that the industry is full of charlatans and con artists. However, the billionaire seems to have forgotten one important point. He is an investor in Wells Fargo bank, a financial institution that has been fined 93 times for fraudulent activity (but which is still able to maintain operations), paying a total of $14.8 billion.
It becomes mind-boggling when the larger picture is seen. Deutsche Bank out of Germany has paid $18 billion in anti-money laundering fines over the past ten years. It has also been accused of laundering an additional $200 million. However, if someone tries to launch a crypto ATM, banks attack like a pack of hungry wolves, arguing that the ATM would only be used for money laundering.
The bottom line is that banks will do whatever they can to maintain the status quo, which is to say, maintain their grip on the world’s finances. However, crypto is here and it continues to gain ground. The wheels are already turning and there is nothing that will stop them from continuing.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.