Bitcoin is often seen as a threat to the current financial ecosystem. Cryptocurrency enthusiasts wouldn’t mind if the fiat currency system disappears altogether, and gets replaced by something that is much better. Santander, one of the world’s biggest banks, has mentioned how Bitcoin will become a serious contender if it can gain widespread adoption.
Banks Are Legitimately Scared of Bitcoin
Financial institutions and governments all over the world have been opposing cryptocurrency from day one. Most people assumed it was because this whole ecosystem of magic internet money was a pure scam, and would go away sooner rather than later. Nothing is further from the truth, though, as cryptocurrency is not a scam,and it will not be going away either.
Despite a slow adoption rate, Bitcoin has gotten on everybody’s radar. Granted, there is a lot of negative media attention on bitcoin, partially due to not understanding the system or not doing any research. While cryptocurrency is no blank slate by any means, a lot of the negative associations are taken well out of context.