The banks are not even remotely frightened of Bitcoin.
Editor’s Note:Phillip Kim is a marketing analyst at Snapcard, a bitcoin wallet and bitcoin payment processor.
“First they ignore you…”
For the first few years, there was no response from WallStreet. The WallStreet Journal didn’t mention bitcoin until a blog post in June 2011. As the bitcoin community waited, advocates and enthusiasts speculated as to why America’s financial strongholds weren’t talking about the digital currency. Did banks not take bitcoin seriously enough to acknowledge it or feel threatened by its potential? Were they passing it off as a trend or trying to censor it from mainstream adoption? Surely they weren’t oblivious to the new technology that was coming to eat their lunch.
Things began to change in December 2013, when Bank of America Merrill Lynch became the first major U.S. bank to publish a report on bitcoin. The report, called “
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