Banks that were criticized by the creator of Bitcoin 13 years ago now accept cryptocurrencies
It was the headline of an article in The Times newspaper, which reported that the government was considering saving private banks again with public money. In addition to proving that the first block actually started from that date, without pre-mining, Satoshi could be showing the intention of its creation.
As Bitcoin is a network that decentralizes the power to create new currencies, imposing a limit on monetary inflation and giving full autonomy to those who own their own wealth, a rescue to banks like the one in the 2008 crisis would be impractical.
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“The American people were told that this unprecedented bailout was needed because if the giant financial institutions…failed and went bankrupt…then they would bring down the entire financial system, which would bring down the US economy,” the report says.
Of the more than $29 trillion in rescues, $8.2 trillion was earmarked for the “Six Megabanks”; Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo.
The vision of a “hyperbitcoinized” world, with complete monetary freedom, was nothing more than a utopia in the early years of Bitcoin. When the creator, Satoshi Nakamoto, introduced this invention to the world, the first comments were critical of its lack of scalability.
However, years later, hundreds of developers are dedicated to improving Bitcoin and millions consider themselves users of the network and accept bitcoin as payment. Even a small country, El Salvador, has given official currency status to the BTC.
The banks that Satoshi criticized? Everyone is now offering products related to cryptocurrencies, although they have criticized bitcoin and the cryptoactive industry before. Banks like Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo changed their minds and are now entering in the bitcoin wave.