Banks are afraid of cryptocurrency (Fidelity)

The general belief is that banks and financial services companies are not fans of cryptocurrencies and open (public) blockchains, but are advocates of cryptocurrency’s underlying technology, blockchain.

At Consensus, those molds were asked in one of the first public displays where a major corporation pushed Bitcoin’s value. Fidelity CEO, Abby Johnson gave a glowing review of Bitcoin, declaring that Fidelity users (with a Coin-base account) now will be able to view their cryptocurrency balances on Fidelity’s website. Fidelity has also managed in mining cryptocurrency, and sees huge potential for Bitcoin and cryptocurrency number two ranked (Ethereum).

Over all, corporates have shown very deep interest in block-chain’s technology via group participation (i.e. R3), or by developing their own kind of system (i.e. JP Morgan’s Quorum). Enterprise block-chain activity is still moving at a very fast speed, especially with Ethereum Enterprise Alliance. In 2016.

Although Fidelity is advocating a positive view of Bitcoin, and Coin-base’s recent fundraise in which New York Stock Exchange and USAA Bank and BBVA are included, there remains a large possibility of block-chain technologists and entrepreneurs who believe banks truly have no interest in block-chains, solely private, enterprise run block-chains. It is said to be that exchanges were constantly dreadful of banks, and in one instance, a bank opted out of its relationship — effectively cutting off 25% of the exchanges’ customer base. Bank sentiment may still be dependable with Jamie Dimon’s ‘bitcoin is a threat’ comments, and besides Ms. Johnson’s comments, no corporate has ever or tried to publically support the value of cryptocurrencies.

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