Thursday, 17 October 2019

Banks launder $2 trillion annually: 10X Bitcoin’s market capitalization

- Bitcoin is a nightmare to banks which help launder $2 trillion annually.
- U.S. President Donald Trump wants a manipulated dollar.
Just about $2 trillion is laundered in the banking system every year. This is ten times the market capitalization of the largest cryptocurrency. Interestingly, the same banking system is against Bitcoin and other crypto ledger and it could be because they are afraid that such a ledger would force them to be accountable.

According to a Bitcoin and crypto enthusiast Rhythmtrader:

“Banks help launder over $2 trillion every year.

That's over 10 times more money than the entire bitcoin network is worth.

Why are they then so critical of bitcoin?

A public ledger would mean their worst nightmare.”

While this happens the United States President Donald Trump is still pushing the economic war to most of the world’s biggest economies. In recent tweet, Trump said that the U.S. should also push for manipulation of the US dollar in the same way as other nations in order to match the competition.


Trump said in the tweet:

“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”

Such a move could weaken the dollar and make Bitcoin more attractive to investors. As the dollar weakens Bitcoin continues to soar in relation to the recent pump to new highs this year. Gold has also seen a new high in six years as investors seek offshore store for their funds. Bitcoin, an open-source ledger has the ability to expose unwanted transactions especially in a world where banking scandals are in plenty.



source: fxstreet.com
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