Cryptocurrency Move from American Banks

In a program he attended, Brian Brooks said that banks are in talks with companies offering cryptocurrency services and that large-scale deals will be made. Banks do not have an infrastructure to offer their customers the opportunity to directly invest in Bitcoin and other similar cryptocurrencies, forcing banks to direct them to third-party companies. Even if this situation may create a trust problem for the customers, the capital and service opportunities of the companies providing cryptocurrency services are at a level that they can make agreements with the banks. On the other hand, banks want to keep their profits with a commercial agreement higher in the short term rather than investing heavily in a business with completely different needs. The increase in the number of people who make their transactions with cryptocurrency every day has started to attract the attention of banks as well as everyone. If they continue on their way by bypassing this sector, the increased utilization rate will mean that their income will decrease in the long term. Nowadays, as many people use cryptocurrencies as a payment method, it would be beneficial for a corporate company to provide a wide range of services in this direction.

The biggest obstacle they have to overcome in this regard will be to convince their customers. Many people have a trust problem with institutions because they do not have enough knowledge. When they hear about a development about cryptocurrency, mostly it is not positive for them. A bank that has started to offer this service should calculate the rate of customers it loses when it advertises that. Because everyone can see this news not as a development and a function added to use, but as a development that makes things complicated and the money they deliver to the bank vulnerable. However, when a comparison is made, it would be normal this situation appear as a minor problem rather than the profit they can be obtained from the coins transferred in the market. Technological change moves that banks started to implement in the 90’s have accelerated with each passing year and a huge renovation has become necessary today. Now, the income held by banks is not enough for their growth, and it seems that banks that do not invest in different sectors shrink or continue to earn in the same line. We are now in the digital era and it is not possible for banks to be unaffected by this.


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