Spoke to a Wells Fargo risk analyst about his thoughts on BTC….
Spoke to a Wells Fargo risk analyst who’s a family friend high up in the organization. I was a bit disappointed with his logical response about bank adoption of BTC. He wasn’t anti crypto by any means but he told me the following….
Big banks move so much money buying and selling bonds, equities, Forex, repo markets etc. that just the SHEER AMOUNT involved in each these transactions automatically triggers slow legacy financial reporting procedures. So in short it doesn’t matter that BTC can be sent “at the speed of light” as Michael Saylor touts (and BTW I’m a huge Saylor fan).
So essentially until regulation clears the way for institutional sized transaction levels without having them slowed down by legacy paper trails this will continue to be a regulatory obstacle that “slows down” adoption as well as transaction volumes from big legacy players.
Just never thought about this from a banks point of view…. Even if they want to buy and move Bitcoin around. I know that Tesla had to make SEC filings for their BTC purchases for example which is why I have SEC alarms set for Tesla postings. Same deal for banks or even more complex I guess!?
submitted by /u/sumcollegekid