Crypto Make Banks Face Big Problems, How come?

Crypto Make Banks Face Big Problems, How come

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Ark Invest CEO, Cathie Wood i explained that the emergence of crypto was originally created to avoid old institutions and banks. However, in the end the presence of crypto actually makes banks feel disturbed.

“Banks have a big problem. They are losing talent because of crypto, so they have to raise wages to attract talent, and they are losing business because of DeFi. Because DeFi can also lend and save,” Wood said at the Bitcoin 2022 Miami conference, quoted by CNBC on Sunday. (10/4/2022).

On Thursday, Wood also told CNBC that the amount of interest investors are showing in DeFi apps, or decentralized finance, could threaten the world of traditional banking. “There’s been a share shift in terms of lending at DeFi,” he said.

Decentralized finance is an umbrella term for a variety of financial products and services that are peer-to-peer, built on blockchain, and eliminate the need for traditional institutions that have historically provided access to those services.

Wood also commented on the change in attitude from US Treasury Secretary Janet Yellen, who previously expressed concerns about cryptocurrencies, dismissing the potential environmental concerns and risks of crypto illicit activity.

“I remember I was asked at the time and I basically said he hadn’t studied the technology and he hadn’t studied the instruments of the new asset class. Well, it looks like he’s been excited,” Wood said.

As is known, Wood is one of the figures who believe in crypto technology, he also has a bullish view on Bitcoin. Wood adhered to the prediction last January, Bitcoin will penetrate USD 1 million or around Rp. 14 billion in 2030.

El Salvador President Nayib Bukele Cancels Attendance at Bitcoin Conference 2022

Crypto Make Banks Face Big Problems, How come

Previously, El Salvador’s President, Nayib Bukele, was a strong supporter of Bitcoin. He demonstrated this by adopting Bitcoin as a legal tender in his country.

As a supporter of Bitcoin and the first President to legalize Bitcoin as a means of state payment, Bukele’s presence at the 2022 Bitcoin Conference is certainly quite eagerly awaited.

However, unfortunately, Bukele had to cancel its planned participation in the 2022 Bitcoin conference in Miami. Bukele said there was an unforeseen event that required his full attention at home.

Reporting from CoinDesk, Friday, April 8, 2022, he did not say what the circumstances were in a letter tweeted by the conference organizers. But in the letter Bukele said, “I must be on the other side in the battle for freedom.”

El Salvador is currently in a fierce battle against criminal gangs, known as “maras.” On March 27, 62 people died in killings linked to local maras, which prompted El Salvador’s Legislative Assembly to suspend constitutional rights for 30 days.

According to the El Salvador National Police, 6,894 gang members have been arrested in the past 11 days.

In his letter, Bukele said he had a “sincere hope” to participate in making “another announcement, another small contribution in our fight for the release of money.

At the June 2021 Bitcoin conference Bukele announced his plans to make bitcoin (BTC) legal tender in El Salvador. Expectations for this year’s announcement include a progress report on the state’s plans for a $1 billion Bitcoin bond sale.

2022 Bitcoin Conference Held

Crypto Make Banks Face Big Problems, How come

Previously, thousands of cryptocurrency enthusiasts would flock to Miami as the city builds its reputation as one of the prime locations for developing blockchain and crypto technology.

Many companies are using the Bitcoin 2022 conference that runs Wednesday through Saturday local time as a place to network, pitch ideas, and share announcements with the industry and beyond.

To date, New York City and Silicon Valley continue to lead in the funding raised by blockchain startups in 2021, with USD 6.5 billion (Rp 93.3 trillion) and USD 3.9 billion (Rp 56 trillion).

However, Miami is now tied to Los Angeles, where the company attracted more than $760 million in funding, according to market research firm CB Insights.

Cryptocurrency exchange FTX bought the naming rights for the NBA arena in downtown Miami last year, replacing American Airlines. The largest crypto company to move to Miami so far, Blockchain.com, will host 200 employees at a location in the Wynwood district where technology companies and other investors are also setting up offices there.

The Bitcoin 2022 conference was held at the Miami Beach Convention Center and featured several keynote speakers, including Canadian entrepreneur Kevin O’Leary, writer Jordan Peterson, human rights activist Yeonmi Park and tech billionaire Peter Thiel.

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Crypto Make Banks Face Big Problems, How come

Miami is attracting more and more crypto projects, with Mayor Francis Suarez openly accepting cryptocurrencies and striving for cryptocurrency-friendly regulation.

Another statement, said Miami and Florida are business-friendly places and remain open during the pandemic, making them more attractive as locations where people can work remotely.

“It’s hard to deny that this is an amazing opportunity for companies to come here and build their projects in crypto,” said John Bartleman, CEO of Plantation, Florida-based TradeStation.

As Miami aims to attract more investment for cryptocurrency projects, Bitcoin 2022 organizers say at least 75 companies will make announcements at this conference.

Last year, El Salvador President Nayib Bukele made international news at the event, revealing via video his country would be the first to make legal tender for cryptocurrency payments. Bukele will also return to the conference this year.

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