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Will Credit Suisse support Bitcoin?
Will Credit Suisse support Bitcoin?
Bitcoin

Will Credit Suisse support Bitcoin?

By Marco Cavicchioli - 18 Mar 2020

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According to rumours, the Swiss bank Credit Suisse may be interested in bitcoin and digital currencies. 

It all stems from a tweet by investor Jordan Eliseo who posted what should be an excerpt from an internal document of the Swiss bank. However, the bank would have denied that it was the author of the document.

The screenshot of this excerpt indicates a concern about long-term risk related to central banks. 

In particular, it goes so far as to even speculate about a possible bankruptcy scenario for central banks, thereby expressing concern about the integrity of fiat currency systems. The alternative suggested involves large amounts of money being printed by central banks to cover losses, causing inflation. 

At this point it says:

“Therefore, attention starts to turn to alternative currency regimes, whether gold, or digital, or all of the above”. 

By “digital alternative currency regimes” they most likely refer to bitcoin, given that its money supply cannot inflate more than is foreseen by its protocol, and that in May the halving will take place, reducing the production of new BTC by half. 

In the scenario described above, this characteristic of bitcoin would seem more than adequate to withstand the impact of a hypothetical inflation of fiat currencies. 

In fact, a few days ago Anthony Pompliano also made a similar argument, namely that Bitcoin’s programmed inflation is an alternative to a hypothetical excess of fiat currency inflation. 

For now, there is no feedback on the actual source of this document, but even Mike Novogratz has re-shared the tweet saying: 

“A major bank making the $btc case”.

If all this were true, it would be interesting not only because Bitcoin’s role as a currency which can protect against inflation is hypothesized, but also because it would imply, in the medium-long term, that the bank would start to embrace BTC

It should not be forgotten that although Switzerland is a country open to the crypto sector, there are still many banks that twist their noses if their clients operate in this sector. 

For example, it is well known that Banca dello Stato del Cantone Ticino still refuses to accept companies operating in this sector among its clients. However, the possible openness of Credit Suisse could trigger a real change of attitude

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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