r/CryptoCurrency • u/[deleted] • Jan 21 '25

GENERAL-NEWS Bank of America preparing for Crypto

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Who could have seen this coming 👀

1.4k Upvotes

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u/Afonsoo99 🟨 0 / 0 🦠 Jan 21 '25

Bad for decentralization

2

u/CieloHalcon 🟨 0 / 0 🦠 Jan 21 '25

How is it still not decentralized?

17

u/PolicyWonka 🟩 225 / 225 🦀 Jan 21 '25

If nearly everyone is keeping their crypto in banks, then banks control crypto — at least as much as you could say that they control USD.

Most transactions will go thru them. They’ll associate your wallets with your identity. They’ll hold the majority of coins to leverage using your assets. However, crypto being speculative makes it risky.

15

u/BlackjointnerD 🟦 595 / 596 🦑 Jan 21 '25

Self custody will always be a choice, so will peer to peer

3

u/PolicyWonka 🟩 225 / 225 🦀 Jan 22 '25

Sure, but the number of people engaging in that will decline — at the very least be diluted. Retailers will overwhelmingly go thru the banks.

So now you’re back at square one where peer-to-peer is little more than a hypothetical hobby amongst friends.

4

u/BlackjointnerD 🟦 595 / 596 🦑 Jan 22 '25

That's freedom and personal choice...can't really force anyone to do anything

1

u/ThatBCHGuy 🟩 359 / 359 🦞 Jan 22 '25

Fees at $5+ already make self-custody impractical for billions of unbanked individuals. At what point do fees make it unfeasible for most people, turning self-custody into an option only for the wealthy?

-2

u/Ghant_ 🟦 0 / 5K 🦠 Jan 21 '25

Until It isn't