Something special happens when someone becomes threatened by an idea. They often lash out with their reasons for believing that it won’t work, but don’t address the fact they have a vested interest in it not working.

This is exactly what is starting to occur with bankers commenting on Bitcoin. You hear all the standard criticisms from these people: that it enables crime, that the cryptocurrency isn’t backed by anything, and governments will never let Bitcoin survive.

This is true of all politics and most arguments. People argue from a point of self-interest that they never unpack, so it becomes hard to take their viewpoint seriously when it is just a thinly veiled defense of themselves.

The banking industry has been a source of wealth to many people over the last few decades, but in the last few years the trend of working in tech has emerged as the smarter move for young graduates. The skills are said to be in higher demand and the chances of making the big bucks are greatly improved.

So in a way, cryptocurrency just represents one more threat against the financial industry. Now tech has gotten so big it threatens to completely replace parts of the financial industry, and they don’t like that. Read more from…

thumbnail courtesy of