Patent Data Reveals the Banking Sector’s Strange Relationship with Bitcoin


Banks and bitcoin are odd bedfellows, but they do share some things in common. To its proponents, bitcoin is the future of money, but it still takes “traditional” money to purchase cryptocurrency, and right now, banks control the conduits. If these oligarchs have their way, they’ll also have a controlling stake in the crypto sphere eventually, as the latest patent data shows. Also read: Bank of America Has Filed More Cryptocurrency Patents Than Any Other Company Banks Can’t Get Enough of Blockchain Bankers, together with the rest of the traditional investment world, missed the boat with bitcoin. Save for a few notable exceptions, they didn’t believe the internet funny money peddled by anarchists and cypherpunks would catch on. At first, they were right. But then, following a few false starts, it did. Big time. Now, the banking sector and Wall Street at large can’t get enough of bitcoin, whether it’s launching futures trading desks, acquiring exchanges (such as the Goldman Sachs-affiliated Circle takeover of Poloniex), or even launching their own blockchains. Financial Companies Have Filed 150 Cryptocurrency Patents As reported two weeks ago, banks are among the most prolific filers of cryptocurrency patents, with Bank of America leading the charge. This suggests a couple of things. Firstly, that major banks quietly admire bitcoin and the blockchain that powers it. And secondly that they may have dropped the ball with bitcoin, but are determined to make up for lost time. Their ethos now seems to be “If you can’t beat…
Source: Patent Data Reveals the Banking Sector’s Strange Relationship with Bitcoin

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