Hi guys it's mark so the other day, i got a very strange message from my bank saying hello, we're writing to you to inform you that we're no longer able to offer you banking facilities. Put simply my bank decided to dump me completely out of the blue, and i thought it was important to share this with you, as it reveals a secret battle. That's currently being thought that many people don't even know about, and it could affect you very soon. Of course, i sent them a message asking for a full explanation, and eventually they informed me that they were closing my account because i had invested in bitcoin.

What's even more surprising is that this bank calls themselves a challenger bank. I mean if someone as old as me can embrace bitcoin and a young trendy bank can't there has to be something else going on so today we're going to discuss the reasons why many banks are doing this, what actions they're taking to sabotage cryptocurrency and my opinion On what this all means for the future of bitcoin investing, you know what to make me feel better about losing my bank account. I really appreciate it if you could destroy that thumbs up button for the l-tube eugerism, so i've watched enough tv shows to know. If you find the motive, then you can solve the case.

So what's the motive banks have to fight bitcoin? Well, actually, there's more than one, let's start off with the loss of revenue. Of course, at the end of the day, banks are businesses and they need to make money. They do this through small fees when you transfer cash as well as loaning out our money and profiting from it, while paying us hardly any interest. So banks make their revenue by controlling the flow of money and cryptocurrency, actually strips them of all this control.

The aim of digital currencies like bitcoin, is to put the power back in the hands of people like you and me. But why is this important? Why not just let the banks control our money, it's less hassle and they seem to be doing a pretty good job. Don't they well, i'm certainly not against keeping a lot of my money in the bank, as it's always good to keep some cash handy. However, i do see the need for digital currencies that aren't controlled by one person, bank or company, because of what happened in 2008.

What in the world is happening on wall street? The stock market is now down 21 because we're now down 43. I remember the 2008 financial crisis like it was yesterday. There were many factors that caused it, but the main one people remember is that in the bankers agreed to make more money, they made some really risky lending decisions. The creation of bitcoin was a direct response to this mistrust in the banks, as it was the way to make a transaction without involving them, but maybe banks are just looking out for our best interests and i'm being a bit too harsh on them.

So the second possible motive could be to protect people from an investment that they don't understand. This is the response i hear time and time again from the banks, and i can see where they're coming from stocks have been around for decades, whereas crypto is extremely young, which makes it really volatile. I think it's important to spread your money across stocks as well as crypto. If they interest you, then i've left some links in the description which you can use and get some free stocks.

All you have to do is fund your account. It is true that a lot of people don't see the true purpose behind digital currencies like bitcoin. This means, when it crashes in value like it regularly, does they panic and they sell their coins, causing them to lose a lot of money. But this way of thinking is quickly becoming a thing of the past.

As we're now able to see the bitcoin goes through cycles and has historically bounced back over the long term, making people with the diamond hands very wealthy, such as the winklevoss twins, who are now reportedly worth over six billion dollars. Another motive banks have is to prevent illegal behavior due to some crime concerns stemming back to crypto's. Shady past i mean bitcoin was credited for the success of silk road, which was a highly successful online drug market. I actually first heard a bitcoin, probably on the same day i heard about the dark web, so one is historically linked to the other.

No one person controls cryptocurrencies like bitcoin. No one can collect taxes on it, track its movement or adjust. How much of it is available aka print more whenever they want? This makes it highly attractive to criminals, which unfortunately has given it a bit of a bad name, but you know what it's so much more than that. According to train analysis, 2021 report in 2019, criminal activity represented 2.1 of all cryptocurrency transaction volume and in 2020 the criminal share of all cryptocurrency actually fell to 0.34.

To put that into perspective. According to the un, it's estimated that between two and five percent of all money in the world each year is connected with money laundering and illegal activity. This means that criminal activity using cryptocurrency transaction is much smaller than with normal currencies like the dollar. So on the surface, the crime concerns look like they make sense, but when you dig a little deeper, it doesn't seem to hold up very well.

The simple answer to why some banks dislike bitcoin is that if crypto is largely adopted, then the entire banking system could become irrelevant. So let's now talk about the tactics they're using to try and stop people from buying crypto, so you can be aware of them. Obviously, the most powerful tool they have is to close your entire bank account, which is what happened to me: they're able to do this by changing their terms and conditions. So if you're thinking you might want to invest in bitcoin or any other crypto, then it'd be a great idea to check out the small print before committing to a bank.

I know it's not the end of the world having to change your banks, but it can take a while to open a new account, especially at the moment, and then you have the trouble of changing all your cards. At this point i have so many cards how's, a boomer like me supposed to remember all the pin numbers. Another thing i've noticed banks doing is entirely blocking people from wiring money to crypto exchanges like coinbase, which is what happened to ryan pinada when he tried to wire two hundred thousand dollars from his welfare goes account at the end of 2021, so what's their endgame and Should we be worried about our bitcoin investments? Well, i personally don't think so, but we'll come back to my opinion a little bit later. There are three main situations that we really need to keep our eyes on the first one is if governments start banning crypto currencies which isn't entirely unheard of as india and ia have been cracking down on bitcoin.

This may sound scary. However, bands like this have never been very successful. Just think back to when america tried to ban alcohol. The thinking is that if the us government did go ahead and ban bitcoin, then it would actually make it more scarce and increase in value.

People would also just go to other countries who would welcome them with open arms, as they would be, bringing all their crypto wealth with them. The only way i could see this working is if big countries all got together and made a unanimous decision to completely ban crypto, and let's face it, that's extremely unlikely when we can't even get them to agree on global warming, which is arguably a much more urgent Threat. The second situation is banks blocking money from being wired to crypto exchanges, which is what we're currently seeing. The same thinking would apply to this scenario, though, as all the banks would have to work together, and i really i can't see that happening as they will most likely always be some crypto friendly banks.

As they know, this policy will allow them to snatch up more customers. The last situation is: if the governments decide they want to freeze crypto exchanges, meaning you would be unable to withdraw your money. This will make bitcoin a lot harder to buy and potentially reduce demand. I always make sure to take my coins off the exchange and either onto my hard wallet or my blockfire account, which pays me up to 8.6 interest.

It's certainly better than the trash 0.5. My bank is offering me if you want to get up to 250 dollars of free bitcoin from blockfire when you fund your account and also start earning some sweet interest on your crypto. Then i'll drop a link in the description. The fact i'm having to make this video in the first place just demonstrates why bitcoin and crypto as a whole even exist.

I fully understand why the bitcoin creators didn't want to be at the mercy of the bankers. I honestly still can't believe that my bank was trying to stop me spending and invest in my own money. Exactly how and when i wanted to. I mean only my wife's allowed to do that, but seriously it just doesn't sit right with me that i wasn't able to fully control my money and invest wherever and whenever i wanted.

This whole situation has prevented me from investing in some of the best days when bitcoin's price was through the floor, and i wonder how many other people have been affected by this. I also believe that crypto could be the future, as the reality is central banks. Tinkering with the money supply has started recessions, it's increased unemployment and given rise to a global banking system based on profit and arguably corruption. However, for bitcoin and other coins to become a real threat to the banking system, i believe, like many others, they need to stabilize.

If you think about it, accepting a salary or taking a mortgage out in bitcoin would be extremely risky, as you never know, if it's going to skyrocket or plummet in value. At this point, i believe there's too much institutional money invested in the cryptocurrency space for it to completely disappear. As more people get into crypto currencies like bitcoin, then the market cap will increase and therefore we will see much less volatility. Our small amounts of money coming in and out won't affect dramatically the overall value on one hand, gone will be the days of becoming a millionaire overnight with amazing returns, but then at least people might start using it like a real currency, with something called the lightning Network, or maybe bitcoin, is what it's always going to be: a store of value, a place like gold that investors turn to when they want to preserve their money.

One thing you'll be happy to know is i have a new bank account with a traditional bank and you know what it's actually more accepting of cryptocurrency. It will always amaze me that this old bank is more open to the future than a young trendy one. I actually sold the majority of my bitcoin before the drop in 2021, when i saw lots of new people getting into the crypto space without fully understanding it, as the age old saying, goes, be scared when others are greedy and be greedy when others are scared. So i'm personally going to start buying into bitcoin and ethereum over the next couple of months, while the price is really low and the fear is high and i'm going to hold it long term.

This way i should be able to average out at the best price. So i'm going to leave the next video right up there, but don't click on it just yet remember to subscribe and pick up your free stock from public and free trade, with the link in the description. Okay, i'll see you over there.