Buy Cryptocurrencies directly from your Bank!

According to "Ripple 2022: Crypto Trend for Business and Beyond" report,
65% of consumers would buy cryptocurrencies from their bank if they offered them.

Blockchain and Cryptocurrencies are not easy concepts to understand. Knowledge in cryptography and finance is required to appreciate how safe blockchain is and how risky cryptocurrencies are. 

As of 2021, we estimated global crypto ownership rates at an average of 3.9% of the world population. 82% of crypto owners have at least a bachelor's degree.

Nonetheless, see how surprising is this number... "65% of the consumers would buy cryptocurrencies from their bank if they offered them".

• The man on the street is interested but does not trust cryptos. 
• The retail banks view cryptos as Financial Far West. Well, one project has even named itself Cryptocow!

But the man on the street would trust his bank enough to buy cryptos through them. This is how strong the Bank-Client relationship is. 

So, who are these banks allowing their clients to buy cryptos?

I personally have 5 bank accounts. Two from my country of origin, two from the country I expatriated myself to, and one from the country where I am working. Of these 5, only Revolut offers me the possibility to purchase cryptocurrencies.

None of the traditional retail banks provide such service to their customers. 

One step further... Bank of America, Chase, Citigroup, Lloyd, Halifax, Bank of Scotland, MBNA, Wells Fargo, Capital One, Visa, etc. forbid their customers to use their credit/debit cards to buy cryptos.

Comparatively, Goldman Sachs is the only traditional bank to have an altcoin trading desk.

So the real question is why would banks refuse a service that is wanted by 65% of their customers, while regulators are desperately trying to push some Identity Controls in the crypto world?

To me, this sounds more like an emotional reaction to crypto rather than a business decision driven by economic factors. 

Nonetheless, let's try answering this two-parts-question. Bankers would tell us that they have a responsibility to protect their customers against bad and risky investments. So is a Credit Card by the way 😏oops, did I say it? And they would want Central Banks to solve the regulatory issue by themselves.

Can we really reproach them to play the big daddy here? Revolut only allows you to invest with the available cash balance in your account. Knowing human nature, I believe overly optimistic people would not hesitate to buy $20,000 of Luna using their Credit Card available credit line. Where is Luna now? yes ... zero.

Moving forward into our investigation, it would be interesting to know whether banks invest in cryptos, which would confirm the above assumption.

The answer is a big YES.

The following are 2021 values for the TOP 8 banks' crypto investments.

After all, in Far West, there was gold and oil...

Please share your views!

• Looking at the price of Bitcoin right now, are you happy that your bank prevented you from buying it? and
• how will you feel when Bitcoin hits $200,000*?

*note: This is pure speculation 😏 and does not represent an investment advice.

Let's close this article with an interesting fact.
Did you know that more people in Africa (32M) hold cryptos than in the United States (28M)?