WEBVTT 00:00:05.980 --> 00:00:08.539 Welcome to the Bitcoin Street Journal, your daily 00:00:08.539 --> 00:00:11.140 source for live market updates, technical analysis, 00:00:11.640 --> 00:00:14.279 and breaking news regarding Bitcoin. Stay up 00:00:14.279 --> 00:00:16.480 to date with the latest Bitcoin trends, market 00:00:16.480 --> 00:00:19.320 capitalization and supply, as well as financial 00:00:19.320 --> 00:00:21.719 and economic news by subscribing to our podcast. 00:00:22.379 --> 00:00:24.500 Join us on the journey through the world of Bitcoin 00:00:24.500 --> 00:00:27.699 and its impact on our daily lives. In today's 00:00:27.699 --> 00:00:29.660 episode, we'll cover the contradicting opinions 00:00:29.660 --> 00:00:32.439 of major banks on Bitcoin and how they secretly 00:00:32.439 --> 00:00:42.359 invest in it through micro strategy. Hey there. 00:00:42.659 --> 00:00:44.539 Today we're talking about an interesting topic 00:00:44.539 --> 00:00:47.100 that intersects finance, technology, and even 00:00:47.100 --> 00:00:50.219 regulatory issues. A new article sheds light 00:00:50.219 --> 00:00:52.619 on the dual and somewhat hypocritical position 00:00:52.619 --> 00:00:55.659 of major banks regarding Bitcoin. While they 00:00:55.659 --> 00:00:58.840 often dismiss Bitcoin as a dubious asset, they 00:00:58.840 --> 00:01:01.219 secretly invest in Bitcoin -focused companies, 00:01:01.740 --> 00:01:04.579 ultimately benefiting from its success. This 00:01:04.579 --> 00:01:07.370 is a significant paradox. and raises questions 00:01:07.370 --> 00:01:10.109 about their authenticity and credibility in the 00:01:10.109 --> 00:01:13.290 eyes of cryptocurrency enthusiasts. The Securities 00:01:13.290 --> 00:01:15.909 and Exchange Commission is going after the leading 00:01:15.909 --> 00:01:18.769 cryptocurrency exchange Binance for operating 00:01:18.769 --> 00:01:21.170 in the United States without proper authorization, 00:01:21.590 --> 00:01:25.129 among other alleged violations. Meanwhile, BlackRock 00:01:25.129 --> 00:01:27.549 and Bank of America, two significant players 00:01:27.549 --> 00:01:30.590 in the financial world, have both acquired substantial 00:01:30.590 --> 00:01:33.489 stakes in Microstrategy, a company invested mainly 00:01:33.489 --> 00:01:36.859 in Bitcoin. These actions, as we mentioned, contradict 00:01:36.859 --> 00:01:39.760 their public statements and cast doubt on their 00:01:39.760 --> 00:01:42.959 criticism of Bitcoin. Additionally, Standard 00:01:42.959 --> 00:01:45.680 Chartered Bank is another major player with a 00:01:45.680 --> 00:01:48.739 strong presence in Asia that has predicted Bitcoin's 00:01:48.739 --> 00:01:53.659 price to surge to $100 ,000 by 2024 despite downplaying 00:01:53.659 --> 00:01:56.719 its credibility. So it boils down to Bitcoin's 00:01:56.719 --> 00:01:59.299 double -edged perception. which opens up the 00:01:59.299 --> 00:02:01.780 debate of how traditional banking and cryptocurrencies 00:02:01.780 --> 00:02:11.780 will evolve and potentially merge. Banks' Bitcoin 00:02:11.780 --> 00:02:14.740 hypocrisy unveiled simultaneous attacks on Binance 00:02:14.740 --> 00:02:17.520 and investments in Bitcoin. In a stunning turn 00:02:17.520 --> 00:02:19.659 of events, major banks find themselves entangled 00:02:19.659 --> 00:02:21.979 in a web of contradictions regarding their stance 00:02:21.979 --> 00:02:24.680 on cryptocurrencies. While the Securities and 00:02:24.680 --> 00:02:28.180 Exchange Commission, SEC, targets leading cryptocurrency 00:02:28.180 --> 00:02:31.560 exchange Binance, these very banks are covertly 00:02:31.560 --> 00:02:34.159 investing in Bitcoin, with MicroStrategy being 00:02:34.159 --> 00:02:37.500 one of their primary conduits. BlackRock, Bank 00:02:37.500 --> 00:02:39.960 of America, and even Standard Chartered Bank, 00:02:40.300 --> 00:02:42.900 despite their skepticism, are acquiring significant 00:02:42.900 --> 00:02:45.539 stakes in MicroStrategy, all while predicting 00:02:45.539 --> 00:02:48.229 a promising future for Bitcoin. This article 00:02:48.229 --> 00:02:50.629 delves into the astonishing hypocrisy exhibited 00:02:50.629 --> 00:02:53.069 by financial institutions as they downplay the 00:02:53.069 --> 00:02:55.710 credibility of Bitcoin in public while privately 00:02:55.710 --> 00:02:58.530 accumulating substantial amounts. Banks under 00:02:58.530 --> 00:03:02.889 attack. Binance faces SEC scrutiny. The SEC's 00:03:02.889 --> 00:03:04.830 recent offensive against Binance, one of the 00:03:04.830 --> 00:03:07.370 world's largest cryptocurrency exchanges, has 00:03:07.370 --> 00:03:09.750 sent shockwaves through the cryptocurrency industry. 00:03:10.449 --> 00:03:12.930 The regulatory agency has accused Binance of 00:03:12.930 --> 00:03:15.289 operating in the United States without proper 00:03:15.289 --> 00:03:18.060 authorization. among other alleged violations. 00:03:18.919 --> 00:03:21.159 While the legal battle between Binance and the 00:03:21.159 --> 00:03:24.180 SEC ensues, it is worth examining the actions 00:03:24.180 --> 00:03:26.520 of traditional banks that appear to be capitalizing 00:03:26.520 --> 00:03:30.939 on the very assets they publicly question. MicroStrategy, 00:03:31.599 --> 00:03:35.120 a Bitcoin bull with banking backing. MicroStrategy, 00:03:35.580 --> 00:03:38.360 a renowned business intelligence firm, has emerged 00:03:38.360 --> 00:03:40.520 as one of the most significant Bitcoin holders 00:03:40.520 --> 00:03:43.819 globally. The company's CEO, Michael Saylor, 00:03:44.080 --> 00:03:47.620 has been an outspoken advocate for Bitcoin, repeatedly 00:03:47.620 --> 00:03:50.560 touting its potential as a store of value and 00:03:50.560 --> 00:03:54.139 hedge against inflation. Curiously, major banks, 00:03:54.340 --> 00:03:56.699 including BlackRock and Bank of America, have 00:03:56.699 --> 00:03:59.180 made substantial investments in micro -strategy, 00:03:59.699 --> 00:04:02.379 despite their apparent skepticism regarding Bitcoin. 00:04:03.139 --> 00:04:05.659 BlackRock and Bank of America's Bitcoin duplicity 00:04:05.659 --> 00:04:08.360 BlackRock, the world's largest asset manager 00:04:08.360 --> 00:04:11.240 and Bank of America, One of the largest banks 00:04:11.240 --> 00:04:14.219 in the United States have both acquired significant 00:04:14.219 --> 00:04:17.439 stakes in MicroStrategy. This move raises eyebrows 00:04:17.439 --> 00:04:19.639 as both institutions have previously expressed 00:04:19.639 --> 00:04:21.899 doubts about Bitcoin's long -term viability. 00:04:22.660 --> 00:04:24.819 BlackRock CEO Larry Fink has been critical of 00:04:24.819 --> 00:04:28.160 Bitcoin, calling it a speculative tool and stating 00:04:28.160 --> 00:04:30.240 that institutions do not have much interest in 00:04:30.240 --> 00:04:33.939 it. Similarly, Bank of America's CEO Brian Moynihan 00:04:33.939 --> 00:04:36.379 has referred to Bitcoin as a troubling asset 00:04:36.379 --> 00:04:39.339 class. Yet their investments in MicroStrategy 00:04:39.600 --> 00:04:42.920 a company primarily invested in Bitcoin, contradict 00:04:42.920 --> 00:04:46.180 their public statements. Standard Chartered Bank's 00:04:46.180 --> 00:04:48.779 Bitcoin price prediction. Standard Chartered 00:04:48.779 --> 00:04:51.819 Bank, a prominent global bank with a strong presence 00:04:51.819 --> 00:04:54.600 in Asia, has also contributed to the cryptocurrency 00:04:54.600 --> 00:04:57.480 paradox. Despite downplaying the credibility 00:04:57.480 --> 00:05:00.279 of Bitcoin, the bank's analysts have made a bold 00:05:00.279 --> 00:05:03.100 prediction. They anticipate Bitcoin's price to 00:05:03.100 --> 00:05:07.500 surge to $100 ,000 by 2024. Such a prognosis 00:05:07.500 --> 00:05:09.759 implies a significant degree of confidence in 00:05:09.759 --> 00:05:12.759 Bitcoin's future prospects. The juxtaposition 00:05:12.759 --> 00:05:15.379 of this forecast with the bank's apparent skepticism 00:05:15.379 --> 00:05:17.839 further underscores the inconsistency within 00:05:17.839 --> 00:05:20.139 the banking sector's cryptocurrency narrative. 00:05:23.259 --> 00:05:26.620 The paradoxical behavior of major banks regarding 00:05:26.620 --> 00:05:29.500 Bitcoin shines a light on the duality of their 00:05:29.500 --> 00:05:32.360 approach. While publicly dismissing Bitcoin as 00:05:32.360 --> 00:05:35.399 a dubious asset, they secretly invest in Bitcoin 00:05:35.399 --> 00:05:38.259 -focused companies like MicroStrategy, ultimately 00:05:38.259 --> 00:05:42.000 benefiting from its success. This hypocrisy raises 00:05:42.000 --> 00:05:44.699 questions about the authenticity of their criticisms 00:05:44.699 --> 00:05:47.439 and undermines their credibility in the eyes 00:05:47.439 --> 00:05:50.139 of Bitcoin enthusiasts. As the Bitcoin market 00:05:50.139 --> 00:05:53.040 continues to evolve, it remains to be seen how 00:05:53.040 --> 00:05:55.639 these banks will reconcile their public skepticism 00:05:55.639 --> 00:05:58.600 with their private investments in Bitcoin and 00:05:58.600 --> 00:06:08.470 related ventures. Today, we discussed the conflicting 00:06:08.470 --> 00:06:11.329 opinions major banks have on Bitcoin as they 00:06:11.329 --> 00:06:13.689 publicly downplay its credibility while secretly 00:06:13.689 --> 00:06:16.149 investing in it through micro strategy. Thanks 00:06:16.149 --> 00:06:18.290 for tuning in and don't forget to subscribe for 00:06:18.290 --> 00:06:18.529 more.