- Earlier today, Roelof Botha published a tweet saying that he had been completely axed out of the Bank of America.
- Many people on crypto twitter saw the irony in this who said this is exactly what PayPal did to them.
Bitcoin has many use cases but one of the main ones is to see centralised banks become redundant.
As we know it, the banking system is close to its end, but this whole area of an industry also has the potential to completely disregard their customers without any repercussions on their end. This is something a Sequoia partner, Roelof Botha just found out the hard way...
Earlier today, Botha published a tweet saying that he had been completely axed out of the Bank of America.
The former PayPal CFO and Sequoia partner said:
“After being a customer of @BankofAmerica for 20 years, I received this notice today that they decided to fire me as their customer! With absolutely no explanation…”
Is This Bitcoins Time?
Many people on crypto twitter saw the irony in this who said this is exactly what PayPal did to them.
PayPal, a private company runs its accounts with some strict guidelines and clients have essentially no say in what happens to their finances on the platform.
This is on top of the fact that it has higher fees than most high street banks, and you have a “clear need for an alternative system such as crypto.”
One crypto twitter member said:
If BofA will do this to a partner at Sequoia and former CFO of PayPal, they'll do it to anyone.— Preston Byrne (@prestonjbyrne) November 18, 2019
Banking and payments are a civil right. There should be a law. https://t.co/DPFhBLfHeD
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!