It is a known fact that many bankers hate the cryptocurrency world… But why?
It is overwhelming how quickly cryptocurrencies have been growing in the last few months. Hundreds and hundreds of ICOs and massive fluctuations in “secure” cryptocurrencies such as Ethereum and Bitcoin. Despite this, the main trend of the crypto market is upwards, and that is what long investors love, including me. We are aware that at the moment all of the money that is “accepted” in our society is FIAT money, which, as we know, is controlled by bankers. This is set to change in the future and most analysts say that cryptocurrencies will become the new way of exchanging and buying products. If this is true, then bankers should be careful, because all banks might disappear…
Bankers have control over all money, which basically translates into controlling everything. Hence, they possess a lot of power so why would they be scared of cryptocurrencies? As we said in the beginning, the crypto world is constantly growing and it is doing it at a fast rate which means that it could become our way to move our money, all of FIAT would disappear and everything would be essentially virtual. This means that all banks would no longer have any control over the economy which is what they love the most; “move every piece as they please”.
Cryptocurrencies are essentially something that has come out of the womb of its mother… It is very new, and the blockchain is complicated for everyone to understand properly which can lead to users to become upset and basically believe that it is bad, even though they do not truly understand the potential and features the block chain has. Just as the new smartphone. At first, a smartphone was feared by many and that caused most consumers to keep using their old phones instead. It was not because they did not like it, it was just too new and complicated at first which just overwhelmed them. As people were becoming more comfortable, they started to get involved in the new technology gadget which is now the most important one. Some bankers just do not understand how this new technology works and those who do, well, they hate it, and the reason why is in the next part.
Everyone has to have a job in order to survive because without work there is no financial income, and without an income, there is no possible way of living. If you do not have an income to buy gasoline for your car you can not move from place to place, if you do not have an income to buy food then you will eventually die of starvation, and the list goes on. Not having a job is what people fear the most because without work there is no possible way of living. This is exactly what these bankers fear the most, losing their jobs. If FIAT money disappears then banks might close down and bankers will lose their job, which, as we have stated, it is something that a human does not want at all.
Bankers have a possibility of not finding something else
If it is true and bankers end up losing their jobs because banks become outdated and surpassed by cryptocurrencies, then they must find another job, but well, they only have experience in banking. That is a problem because most young users might know how the blockchain works and everything about cryptocurrencies. These young users will then be able to take the jobs in the blockchain and bankers will have no escape to find a job. They will probably need to study another career, and well, we all know that they do not want to do so, and that is why they just hate cryptocurrencies. This leads me to a director in a famous bank (which I will not name for privacy purposes) who is now retiring because of this same reason. I once asked him why he was going to quit his job and he told me:
You are the reason why I am going to quit my job. If I do not start studying something else, your generation will take away our jobs in the future, and I just can´t stand that…
What some other bankers think:
This is a question I have actually answered briefly on Quora, but most of you are really asking me again about this topic and that is the reason why I have extended my answer on this post. I have fortunately met 9 bankers from different banks, and to all of them I have asked them the same question: “What do you think of cryptocurrencies?”. One of them told me what I have written in the previous part, so we will leave his opinion out for this. Here is what I collected:
You will be surprised that 2 out of these 8, do not know anything about cryptocurrencies. In fact, they only had a rough idea on what BTC was. Other 4, told me that they knew something about the topic, however, they thought that it was just a mere starting trend which will soon or later die. Let me tell you that after discussing a bit with them, I realized they knew very little, it wasn’t really worth listening to their answers.
The last 2, said that they believed it was something big. They thought that cryptocurrencies would be amazing in the future, but they just said it would be another type of “STOCK MARKET”, which surprised me. I then asked them if they would invest some of their wealth on cryptocurrencies and they told me that they already had. Apparently, they both bought a lot of ETH. They did not believe at all in BTC, and they just saw it as a SAFE HAVEN (gold), which in their opinion was important, but not worth it in order to make “big money”.
Not all bankers hate cryptocurrencies…
Not all bankers believe that cryptocurrencies are bad, in fact, many banks have already bought cryptocurrencies, but we are still unsure if they bought it believing in the blockchain or it was just a simple investment. The biggest Spanish bank Santander has bought ETH, Visa service has done too and IBM made a deal with the Digital Trade Chain Consortium to build a digital trade platform that will run on IBM’s cloud (read the full news here).
This is all for today. Tell us what you think will happen to cryptocurrencies in the future in the comment section below.
And as always…