Bitcoin saw a major pullback today, but the crypto community is focused on documents that show the stark reality of the global banking system.
Bitcoin falls but the true face of the banking system is revealed
Today the crypto market was stained red with multiple crypto assets falling, including Bitcoin that fell to a low today of $ 10,400. However, that doesn’t seem so bad when you compare them.
Just yesterday documents from the United States Financial Crime Control Network (FinCEN) were leaked which, to be honest, paint a stark picture of reality in the traditional banking system.
Basically these documents, published by BuzzFeed News, imply that the agency’s efforts to identify illicit transactions and money laundering are not enough. And, for the first time, the culprits are not crypto but the world’s most recognized banks.
Yes, this is how you read it. This time the culprit is not Bitcoin, but the global banking system.
The BuzzFeeds article, entitled: «Dirty money reaches the most powerful banks in the world«, Offers more than 2,500 documents proving how the authorities received evidence of illegal activities and did not act accordingly.
According to the BuzzFeeds, reports “They offer unprecedented insight into global financial corruption, the banks that allow it, and the government agencies that watch it flourish.”
A clear and well-known example is HSBC, a bank that allowed illicit funds to move through its accounts despite being notified that their origin was criminal.
In fact, HSBC shares fell to the lowest level in 25 years. If you want to know more about the HSBC case, we recommend watching the Netflix series ‘Dirty Money’.
So the question is: could this be the next catalyst for Bitcoin?
Complement, not replace
Opinions abound in the crypto market; Some think that crypto and stablecoins came to replace money as we know it, while others don’t see it that way.
The President of the ECB, Christine Lagarde, pointed out today during the Franco-German Parliamentary Assembly that, in the event of creating a digital euro, it would not replace traditional cash.
‘A digital euro could be a complement, not a substitute, for cash. It could provide an alternative to private digital currencies and ensure that sovereign money remains at the center of European payment systems. ‘
Interesting facts involved in MicroStrategy’s crypto action
Until yesterday we considered MicroStrategy’s crypto-oriented strategy to be interesting only in its artificial form, so to speak.
However, yesterday an investigation by Arcane Research revealed very interesting findings. Specifically, it appears that the Norwegian Government Pension Fund has 577.6 BTC.
How can it be possible? Well through your investment in the business intelligence company, MicroStrategy.
So yeah, basically the MicroStrategy crypto move has a bigger impact than we think. It made institutions like BlackRock, Vanguard and the Norway Fund significantly exposed to crypto, specifically Bitcoin, albeit indirectly.
European Blockchain Convention
Today the European Blockchain Convention was taking place and from CriptoTendencia we offered coverage of the event.
For those who do not know, the European Blockchain Convention is considered as one of the main Blockchain conferences in Europe.
Basically within its schedule it seeks to offer relevant and inspiring content in collaboration with multiple experts.
The event today covered topics such as the importance of crypto regulation, government digital currencies, and much more. We invite you to stay tuned for our next publications!
In a few lines …
- Today the CIA launched CIA Labs, a CIA research and development initiative geared towards cutting edge technology; Blockchain is on the top list.
- Meet Mar.ia, the first 100% virtual influencer that is generated from Artificial Intelligence.