Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Analyst Warns About Traditional Banking System Turning on Itself

Published 05/01/2023, 07:53 AM
Updated 05/01/2023, 08:00 AM
© Reuters.  Analyst Warns About Traditional Banking System Turning on Itself

© Reuters. Analyst Warns About Traditional Banking System Turning on Itself

  • Ben Armstrong warned that the traditional banking system is turning on itself and allowing community banks to fail.
  • The popular crypto influencer said the system wants “3-4 major banks.”
  • Armstrong’s comments underscore the ongoing tensions between traditional banks and the crypto industry.

Prominent crypto enthusiast Ben Armstrong, better known as BitBoy Crypto, took to Twitter to express his concerns about the direction in which the traditional banking system is headed. He warned that the system is turning on itself and allowing community banks to fail.

In his tweet, Armstrong expressed his doubts about whether the public truly understands what is happening with the traditional banking system. He pointed out that traditional banking institutions are causing harm to themselves by allowing community banks to fail in order to create a consolidated market dominated by a few major banks.

Armstrong went on to compare the situation to that of the phone industry, “It will be just like phone companies. 3 choices. No customer service.”

One Twitter user responded to Armstrong’s tweet with skepticism, referencing an “old, concrete news” article from last March. The report says a group of 11 large U.S. banks had sent a combined $30 billion to shore up First Republic Bank (NYSE:FRC) following a pair of recent bank failures. In a statement, America’s largest banks, including JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C), etc., said, “This action reflects their [America’s largest banks] confidence in the First Republic and in banks of all sizes. Regional, midsize, and small banks are critical to the health and functioning of our financial system.”

Even so, Armstrong found support from other Twitter users who shared his concerns. One user commented, “It goes beyond that…There’s an alternative agenda. Global CBDC. ‘They’ [Banking systems] only want 1 Bank…”

Armstrong’s comments come at a time when the relationship between traditional banking institutions and the rapidly growing cryptocurrency industry has been the subject of much debate. In a recent YouTube video, Armstrong highlighted that banks involved with cryptocurrency are currently facing increased scrutiny.

The post Analyst Warns About Traditional Banking System Turning on Itself appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.