CEO of Crédit Mutuel gives a brilliant comment on crypto

Some banks are more wicked than others. Or is it just simple-mindedness?

🏦 Nicolas Théry, the CEO of the French Crédit Mutuel, one of the top-5 biggest banks in the country, has recently given an absolutely golden comment on crypto, and we love it!

It is so ludicrous – and at the same time reflecting the anti-crypto narrative so exactly – that we’d like to quote it here in full (with our comments, because we can):

💬 “If you like money laundering, criminal activity, anonymity, you’ll like cryptocurrencies.”

In 2022, some $23.8 billion worth of crypto was laundered, according to on-chain analytics by Chainalysis.

We can’t analyze the banking system, because it’s opaque, and thus obliged to rely on investigative journalists and whistleblowers to expose the largest frauds.

Just in recent years: Danske Bank laundered €200 billion, CumEx fraud across banks – $151 billion, Credit Suisse found guilty of laundering money for a Bulgarian cocaine cartel and helping 5000 French citizens to conceal funds, Panama Papers, Pandora Papers… so far it looks like people who love money laundering and anonymity prefer banks 💸

💬 “The bank is obliged to advise, and I am proud that we have always told our clients not to adventure themselves there.”

It is indeed better if your clients stick to their Livret A with 1% yield (revised to 3% in 2023 🤣), all while the euro loses over 8% of its buying power per year. Hold on, it’s not 🙃

💬 “The invention of the central bank, or sovereign money, is social progress. It allows to protect the buying power of popular classes, but also tax revenues, fight against fraud, ensure stability. Inflation is a cancer, a brutal and non-democratic tax.”

The last phrase does a marvelous job of contradicting the first two, we’ll leave it like this 😂

💬 “Advocating for cryptocurrencies equals to advocating for the russian militia group Wagner against the armies of the republic.”

Ukraine has received over $60 million in crypto donations to the official government wallet, and hundreds of big and small initiatives raise crypto from all over the world for humanitarian aid, as well as military equipment such as fighter drones. And Wagner group does not like these drones at all, according to the many footages released online 😵

💬 “This is a tentative of privatization of a common good.”

The most perplexing phase so far 🤔

Money is not a common good, it belongs to individual people and businesses. Unless you think it belongs to banks and those who can better position themselves for QE or repo giveaways ?.. but that’s exactly what Bitcoin is here for.

In the meantime, following other banks in the country, the Swiss government-owned bank PostFinance will soon start offering all its clients crypto services like investment, trade, and custody.

Some banks are smarter than others 😉