U.S. regulators exploring how banks could hold Bitcoin – FDIC chairman

U.S. regulators exploring how banks could hold Bitcoin – FDIC chairman

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  1. Banks are custodians, they need to custody assets to have a business model.

    Bitcoin requires **NO** custodians, if you let your bank custody your Bitcoin **you do not get it.**

    Maybe the most useful thing a bank could do is offer multisig service in which they are one of the key holders of a familys treasury but thats a far departure from the business model they are used to, they will never adapt.

    They are desperately trying to cling to the status quo, they see where this is going. They understand whats happening.

    Bitcoin has already won.

  2. tldr; Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams has said that a team of US bank regulators is trying to provide a roadmap for banks to engage with crypto assets. This could include clearer rules over holding cryptocurrency in custody to facilitate client trading, using them as collateral for loans, or even holding them on their balance sheets like more traditional assets, she added.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. We’ve been through this with gold.

    The banks will ***say*** they’re holding Bitcoin, but they won’t be. Or they’ll only be holding a small fraction of what they claim to be holding. Then there will be bank runs. Then the central bank will step in, when all we needed was deposit insurance…

    Fuck the central banks.

    Individuals should buy actual Bitcoin, then send it to their own (hardware) wallets and skip the banks and their bullshit altogether.

  4. Sense they consider bit coin an asset it’s pretty simple duh how ever I’m sure government wants to try to find a way to tax it more then Just cap gains. This is why people are tired of government and there bs..

  5. The banks know the only way to attack DeFi is to get you to sell it to them. If they make it easy enough, attractive enough, people will do it. The infrastructure is in already in place. This and the Mastercard bit are not good news for crypto. But it will be made to sound like it to an enormous number of people.

  6. Just have banks buy bitcoin with the USD they recieve from people, when people withdraw USD after the bitcoin pump banks will have…banked on bitcoin gains and paid the person back a pittance compared to what they deposited.

  7. Why have their advisors not told them about cold storage and aren’t they the one’s that rent safety deposit boxes for people to store their stocks, bonds, jewelry silverware and gold everything. I thought a safe within a safe would be sufficiently, snoop free, snuggly-safe, am I missing something here.

  8. Who in their right mind would have a bank (of all entities) hold their crypto?
    It’s a dying trend before its even launched, banks are all about restricting your access to your (actually it’s theirs) money, once people realize how easy it is to buy / hold / trade crypto is – it’s game over for the antiquated and non scalable system, it’s older than yellow pages.

  9. Translation: Banks are telling the FDIC “Find a way we can hold Bitcoin.”

    Banks know that Bitcoin is Netflix, and if they don’t get onboard, they will become the next Blockbuster

  10. So.. does this mean Bitcoin will be watered down by banks in the future? Surely they won’t hold all the Bitcoin ppl have on accounts, they will hold operational amount + some% of reserves. Ofc you would be able to send it to Bitcoin address directly.. with some limit on size of operation.

    Do you think, how much fake Bitcoin they can create out of thin air? Like, in % to real Bitcoin on Blockchain?

  11. I love bitcoin, but how is it the solution for the future if you message of today is we wont be able to afford it?

    A question on the point being conveyed rather than purpose of bitcoin, cause Im not selling either lol.

What do you think?

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