In a tone that Bitcoiners are becoming increasingly familiar with, another prominent lending institution has warned everyday investors against putting capital into Bitcoin. This time it comes from Deutsche Bank and its chief strategist Ulrich Stephan.
The anti-Bitcoin tirade is losing steam as some well-established Wall Street names start to warm to the digital currency. The banking sector, however, is choosing to continue approaching it with something akin to disdain.
It makes sense that a hegemony like the banking industry would feel threatened by a new money system that could make them obsolete. But the constant warnings and fearmongering are starting to wear thin, much like the campaigns to stop Brexit or keep Donald Trump out of the White House.
The same old rhetoric
The banking sector appears to be hanging on to rhetoric that is really starting to show its age. The usual excuses are volatility and regulation, and banks claim that these are the things keeping them back.
According to Stephan, German citizens are generating hype about Bitcoin, yet the hype is exaggerating the size of their investments. Even the excitement about stocks is low. Perhaps it is the general attitude of such banks and authority figures that is fuelling this.
As time goes by, the arguments of volatility and lack of regulation are becoming nonsensical. Volatility is fading, and many more regulations are being established.
There are some, however, who are keen on minting digital currencies as a means to combat certain problems. Sweden’s central bank, the Riksbank, is one institution which is actively investigating the potential of digital currency.
In a statement in September, the Riksbank said that an “e-krona” might have the potential to combat some of the problems that are predicted for “the payment market of the future”, in which the prevalence of cash transactions is rapidly diminishing.