Categories: CryptoNews

Chairman of the Bitcoin Foundation Says Banks Avoid Bitcoin Due to ‘PR Problem’

The banking establishment has been quick to notice the potentials inherent in blockchains and distributed ledgers, but many in the financial space have warned about the unintended consequences and dangers of integrating this disruptive technology.

Chairman of the Bitcoin Foundation, Brock Pierce, doesn’t seem to share these sentiments. In a recent interview with CNBC, Piece explained that certain portions of the financial system may be “negatively impacted”, but many other parts of the financial system may see new sectors flourish with the increased adoption of blockchain technology.

He goes to point out that blockchains will most likely disrupt areas of the financial world where middlemen are involved, “And the parts of the industry that are being most negatively impacted are the ones where the bank is not providing much in the way of value, where they are being a toll taker but not really a value creator.” Said Pierce.

Pierce, who is also a partner at Blockchain Capital, which has raised a total of $15 million in VC capital since its inception in 2013, believes that the technology is likely to initially disrupt “other industries” that are not as heavily-regulated, “I think banks are going to take a while to integrate this” he adds.

Related Post

While Pierce says that the underlying technology of bitcoin will transform many industries in the coming years, he also said that the negative press surrounding the digital currency has forced the financial establishment to focus their efforts on building their own blockchain-based systems, rather than building on top of bitcoin’s blockchain.

“Bitcoin’s got a major PR (public relations) problem and that’s why you hear major banks saying bitcoin bad, blockchain good.”

 

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

27 mins ago

Early ENS Investor Transfers $2.47M To Binance Amid Upcoming Token Unlocks

An early investor linked to the $ENS token recently transferred 154,000 ENS tokens, valued at…

30 mins ago

Wintermute’s Memecoin Strategy: BABYDOGE Ranks Among Top 3 Holdings

In a surprising turn, $BABYDOGE has climbed to the top three in Wintermute’s memecoin holdings…

37 mins ago

$Pnut’s Meteoric Rise: How A Tragic Squirrel Inspired A Memecoin Sensation

The $Pnut memecoin recently soared past a $120 million market cap, creating unexpected wealth for…

43 mins ago

Political Memecoins And High-Stakes Bets Surge As Election Approaches

With election season heating up, political memecoins like $PEOPLE, $MAGA, $HARRIS, and $TRUMP are surging.…

49 mins ago

TRX Price Prediction: Tron Network Fee Cut to Spark New ATH?

Back into Spotlight: Tron Network Fee Cut Could Push TRX to ATH, But This DeFi…

10 hours ago