Bobby Lee, CEO of bitcoin mining and exchange giant BTCC, said he can see the day when banks will hold on to his bitcoin – because in the future they will have adapted to the new technology. He told IBTimes UK: “In the end I may still want to trust some companies to hold bitcoins on my behalf. It’s normal for us to diversify and distribute our assets across different entities – companies, banks, accounts.
“So it’s very likely one day when most people in the world will own digital assets, for them to have their assets held by banks. This system is not anti-bank, it’s pro-innovation.”
Lee agreed that this could occur via cold storage vaults filled with cryptographic keys. He added that banks’ IT infrastructure has constantly been upgraded over the years and in the future they can also be expected to hold more private keys that access real money and real value.
“They do that already by the way, when you have credit cards; there are private keys that are used for communication between the credit card merchant processor and the banks and websites like Amazon. So this is already happening.”
Lee said banks have a reputation for being innovative. He