Banks want more Bitcoin

Is there a rebellion brewing in the banking system?

Commerical banks that not long ago were so eager to damn Bitcoin and other crypto are now fighting against new regulation proposal that would oblige them to set aside one dollar in capital for each BTC they own.

The Global Financial Markets Association, whose members include the most important names in the worldwide banking secor, published a letter arguing that Bitcoin shouldn’t face such strict capital requirements: “We find the proposals in the consultation to be so overly conservative and simplistic that they, in effect, would preclude bank involvement in crypto asset markets”.

Let’s take a moment to enjoy the irony: commercial banks asking the Basel Committee for Banking Supervision, which includes the Fed, the ECB and other major Central Banks, not to hinder their right to hodl Bitcoin. This is golden.

In the end, commercial banks are, well, commercial… and they would go where the money is, even if the new crypto money is a threat for the old fiat ones. Bad news for the Central Banks: even their closest allies are now craving Bitcoin.