The Banking Industry's Varied Views on Bitcoin
Decentralized, math-based currencies can provide a framework for autonomous banking. To the average person that may not mean much, but to some the concept is enthralling. Controlling money outside of incumbent systems is particularly exciting to cyberpunks and crypto-libertarians, yet the banks will, at some point, be working closely with bitcoin. A future where cryptocurrencies are a mainstream financial technology will likely depend on it. Here are three different banks, with very different stances on bitcoin, that reveal just how contrasting the financial industry can be. JP Morgan. The....
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Last night about 80 New York women of varied experience with the bitcoin industry met at SecondMarket's headquarters for what was effectively the largest women's bitcoin meetup, at least in the US city. Most of them work in the banking and financial services industries, and a fair few were executives and compliance directors quietly representing industry heavyweights. However, they were all assembled there by Ellevate, the members-only global women's network dedicated to investing in women's success and led by Sallie Krawcheck. Krawcheck, often called one of the most powerful women on Wall....
Microsoft took the bitcoin world by surprise late last night with the sudden announcement that it would allow consumers to purchase its digital content with the digital currency. The move, which opened its Windows, Windows Phone and Xbox platforms to a new payment method, provided a notable uptick in attention to the industry, as the price of bitcoin rose roughly 4% in its aftermath on the CoinDesk USD Bitcoin Price Index. While volatility in the markets declined over the day, interest in Microsoft's decision held strong. Major tech and finance publications, from Forbes to Gizmodo, all....
View the full video of the Senate Committee on Banking, Housing, and Urban Affairs hearing on virtual currencies here. It was refreshing to see a Senate hearing kick off half an hour early for a change, and in a place with far more sitting room than room 538 of the Dirksen Senate Office Building. Just before 15:00 ET, while aides were still preparing that room for the two-hour session, Senator Jerry Moran posted a question on reddit: "I'm one of the Senators attending today's US Senate Banking Committee hearing related to bitcoin. What would you like me to know?" He wanted wider input on....
The world’s banking industry is ever-evolving, with new trends and disruptive opportunities emerging every year. In 2020, the global pandemic gave rise to a large shift in consumer behavior in almost every industry. For banking, like many others, this was a shift to online or digital operations, as in-person service was inevitably no longer viable. […]
The former Group CEO of Barclays, Antony Jenkins, predicts a future within the next ten years wherein financial technology or fintech will substantially disrupt traditional banking systems and the banking industry as a whole. He is convinced banking installations and those employed in banking institutions will be reduced by at least 20% in the coming ten years, if not up to as much as 50%. Antony Jenkins, former CEO of one of Barclays, the UK's second biggest bank in assets after HSBC has predicted an "Uber-like" disruption from the Fintech sector to come crashing down on the current....