Banks are afraid of bitcoin and many of them are deciding to cut down all relation with cryptocurrencies which is not a good choice for some users who decided to cut ties with the banks who avoid bitcoin. Let’s see in the altcoin news below what exactly is happening.
Founder and partner at Morgan Creek Digital Anthony Pompliano noted on Twitter that he received an email from an upset client that was sent to the CEO of the Royal Bank of Canada and the letter is an example of how people are getting tired with the poor service that the banks provide especially towards the crypto investors. At the beginning of the email, you can see how the customers cut ties with the bank saying:
“[Our] recent experience with RBC has been nothing short of horrible, and we just can’t deal with all the nonsense anymore.”
Apparently, the user was very disappointed for a longer period of time and the banks deciding to stop serving users that make business with bitcoin was the last drop for the user. The email continues with more frustration saying:
“We need our bank to be a partner we can rely on who will help us be successful both personally and in business.”
According to the client, banks are afraid of Bitcoin and the RBC was the perfect example of it. The person than listed the problems that he faced with the bank including the prolonged process involved in day-to-day checking on top of the difficulties during the process of opening an account for a family trust that runs a daycare. After sharing his story, he noted that the bank flagged him as suspicious since he owned cryptocurrencies and then he wrote:
“There is absolutely no way we can continue doing business with an institution who believes [they] can dictate what we can and cannot do with our money. Ironically, banks have been fined billions of dollars over the last few years over this.”
As noted in the latest cryptocurrency news, Anthony Pompliano’s tweet received more than 3,000 likes and 900 retweets.
Hong Kong Demonstrations Strengthen Bitcoin’s Safe-Haven Status
‘’Last week was a significant risk off week for equities. There were a lot of holders of digital assets whose portfolios were taking a hit and if they had gains, Bitcoin is up over 100%, almost 200% over the past 9 months, it was a place to take some gains.’’The correction, however, does not affect bitcoin’s appeal as a method of preserving value. Bitcoin’s price has previously been pushed by multiple economic and geopolitical factors including the Hong Kong demonstrations and the China-US trade war. The heads of the G7 countries will soon meet in France and will talk about bitcoin and the entire crypto space according to Allaire. It is unlikely that there will be a crypto-related policy as he pointed out:
‘’I don’t know that we’re going to see specific policy but certainly we’re going to hear some perspective out of there.’’As it turns out, most of the investor’s don’t recommend investing in bitcoin or even consider it as a safe haven asset but gold, for example, might not be the best investment choice despite the uncertainty in the global markets. The portfolio manager of Valley Forge Capital Management stated in an interview as well as we read in the altcoin news previously:
‘’They [Bitcoin and gold] are collectibles. You are actually not buying any protection, you’re simply speculating. To me, it’s no different than any other speculative activity in your life.’’
Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution
‘’It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again. There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again.’’Ghana’s government bailed out on the investors and the central bank targeted the savings companies that serviced them and many are already blaming that the government is at fault for not having adequate provisions to prevent such problems from happening. The financial crime and governance and regulatory expert Kwadwa Kusi Frimpong wrote:
‘’The issue Ghana faces is more about having adequate system and controls in place to ensure that there is no room for such things to happen.’’As noted in the latest cryptocurrency news, financial management should not be conducted through middlemen and bitcoin because the savings of hundreds of people could be wiped out in a matter of moments.
Overnight Pump Leads Bitcoin To Gains: Will They Sustain?
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”https://twitter.com/TheCryptomist/status/1163386603538173953 DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a "do or die" level for BTC which could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.https://twitter.com/CryptoDonAlt/status/1163417215435235328
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
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