If this is the best the regulators can do then they have already lost as this is more of an inconvenience than a deterrent. Making it more difficult to move in and out of crypto was something that was expected so this is no rocket science taking place. This was the obvious move and we should applaud them as this has taken time to happen.
They know a bank run can happen and will happen at some point and where else are you going to send money besides stocks or crypto. The banks are restricting the ability to purchase as they don't have your funds. That is the scary part and why limits are in place, just think if people got wind of this what kind of situation this would create.
I find it quite funny as those who are in crypto will find an alternative route and this is more of a speed bump.
The only people it will screw are the retail investors or good weather investors who arrive when the prices are pumping. This won't affect most of us as not only is there other routes in and out of crypto, but if you sell you can just move the funds onto a stable coin for safe keeping. This was the original purpose of stable coins as they had no other use cases before DeFi.
I do feel sorry for the American investors caught up in this as they will lose out short term at least. I can see many new accounts being opened in Europe and Asia and I wouldn't give a toss paying them taxes either. If this is how they are going to treat you then they don't deserve your taxes either.
The banking system is desperate to stop cryptocurrencies as they know deep down they are being phased out. This is all a play on trying to save the current system and they will try every trick in the book to save their own hides. If everyone withdrew their money tomorrow they will be in deep trouble as they see your money as their money because that is how they make money.
The monetary system and banking is going to change whether they like it or not and blocking the on and off ramps will not change what is going to happen. Some speculate that it will take 3-5 years for banks to step aside, but even if it takes 10 years this will be a massive upheaval.
The longer the time passes the more things become clearer as to what is actually taking place. The stablecoin issue was raised recently because they know full well crypto traders/investors can swing in between crypto and a safe haven without cashing out using an exit ramp. Funny as I looked today at the DJED numbers and they have grown by around 20 percent since last week. DAI is also up $1 billion so 25% has been created since the banking crisis.
I am not blowing smoke up HBD, but when you start to look around the option we have available is pretty damn good. As an investor you could do far worse and all this FUD being created may actually shine the spotlight on what we have available on Hive.
The FEDNOW system launching in July is expected to be the CBDC for the US is only going to highlight why you need to be in crypto. I can see plenty of money moving into crypto from now until July not out of wanting to be in crypto ,but more of a safe haven. Who would have thought this was going to happen 5 years ago as they have created the perfect scenario on their own doing. The risk right now is your bank and with currency.
Posted Using LeoFinance Beta
