I was browsing Coindesk when I came across the below OP-ED:
Go ahead and read it, this article is the basis of mine. Long story short the author claims that Bank of America closed his account, his wife’s account, and the account he was using to hold his daughter’s college funds in because he started a firm that traded cryptocurrencies.
It just gets better…
A little extreme, don’t you think? And this is not a one-off event, as: PayPal banned bitcoin related transactions, Mastercard baned EU Bitcoin Debit Cards, Visa shut down some Bitcoin Debit Cards, some banks baned the purchase of Bitcoin with their debit cards, and so forth.
This sounds like a conspiracy against Bitcoin.
Based the responses of many financial institutions towards Bitcoin in the last year or so you would think that they are afraid of Bitcoin and/or there is a conspiracy against Bitcoin.
But aren’t a bunch of banks researching the blockchain?
You probably keep hearing that “x institution is researching how to use the blockchain”. Keep in mind that “Bitcoin” <> “Blockchain” are not synonymous: Bitcoin is a decentralized P2P currency, where a blockchain is simply a ledger. So a bank could adopt a blockchain style ledger but still remain hostile to Bitcoin.
So, what do I think?
Bitcoin is yet to even develop much of a niche, so I do not see Bitcoin “killing fiat” (or similar chatter you’ll find on Reddit) any time soon (and probably not ever). Because of this I wonder why so many banks have taken a hard line stance as if it were cutting into their business.
Still though, if you read the articles that I have linked to it will really sound like there is a conspiracy against Bitcoin (or cryptocurrencies in general).
However, to be honest, I have absolutely no idea if there is one or not. Reading about events like these is creating the same questions in my mind that they probably created for you, and one could make a logic argument both for and against a conspiracy against Bitcoin.
What I can say though, is that it’s is very important we keep a close eye on events like these. I think that they are a good example of our ever decreasing financial freedom if a large bank can tell use we can or can’t buy something with our own money.