Generally, bankers like to act as one. This is especially true for innovations, such as adding an entire new form of currency, like BitCoin or Ripple. Were cryptocurrencies discussed at the Texas Bankers Association (TBA) Annual Strategic Opportunities Conference in November 2016?
How Many American Banks Take Bitcoin?
Bitcoin was started in 2009. For years, it seemed like an interesting online financial development with many people wondering if it would last. Would it be like the Dot.com bubble and MySpace? Some online brands have a short shelf life.
But, every week, there are more brands taking cryptocurrencies seriously. In 2013, the Bank of America started analysis of BitCoin to determine its value and wherewithal. This coverage suggested that perhaps eCurrencies had a future.
In 2014, the Bank of America, Wells Fargo, Chase, Capital One and a couple of other American banks started to take the cryptocurrency, Ripple. At the beginning of 2017, there were reports that cryptocurrencies were the next big technology. Did NexBank CEO John Holt include cryptocurrencies and Block Chain in his presentation at the aforementioned conference panel – “Reinventing Community Banking: Perspectives on Competing by Innovation?”
Innovative Financial Products
The interesting thing about cryptocurrencies is that while many have heard of Bitcoin, they might not have heard of the other digital currencies. In fact, each eCurrency has its own network and some of the largest banks are even thinking about inventing their own cryptocurrencies and Block Chains? Why?
What if NexBank created their own cryptocurrency? It would be like when Bank of America created the Visa credit card. It could revolutionize the industry. There would not only be a digital currency, but it would have the backing of a bank. Generally, it seems like banks would rather add cryptocurrencies together, to minimize the risk involved.