Will financial companies treat Bitcoin? If a financial company treats Bitcoin, for example, if there is no adequate investment product for the elderly in the United States, it is like a dream to make a warehouse and run it in a warehouse with Bitcoin, Ethereum, and other currencies.

It was a dream until 2017 and 2018. But now that's not a dream. To be bold, I don't know if it will happen this year, but I think that in the next year or the year after, all the financial companies we know will set up a cryptocurrency investment warehouse for the general public.

The reason is that it will start in July 2020. The head of an organization called the US Office of the Comptroller of the Currency, OCC, sends a letter to banks like Bank of America, which is a financial bank in the United States. The bank says,

You can use Bitcoin as a custody service. Bitcoin custody service is a service that stores Bitcoin instead. And it says, It is not subject to law. I don't think the banks in the United States asked if they could treat Bitcoin or Ethereum.

I don't think they had that idea. Just like many economists think, Existing financial companies are also operating in a blockchain system based on dollars, so of course, it doesn't make sense to challenge dollars. I don't think I liked Bitcoin.

But the head of the Financial Management Agency said, You can use Bitcoin or Ethereum as a custody service. I think I was shocked. I think the head of the Financial Management Agency had his own philosophy. Anyway, there is such a coincidence in history.

That day, Bitcoin successfully broke through the $10,000 limit that it had not done for three years. Since then, Bitcoin has not gone below $10,000. Bitcoin broke through $10,000 in November 2017. It slipped and went up and down around $10,000.

The head of the Financial Management Agency in the United States announced that banks could use Bitcoin as a collection service. It broke through completely and announced the beginning of the market we are seeing now. I've told a lot of people who compare gold, dollars, and Bitcoin.

Bitcoin is too good for financial companies to deal with. Maybe the government can't stop Bitcoin because financial companies like Bitcoin so much. I said, I don't think I'll stop it. Think about it. Where do you have the most dollars in Korea?

There are the most dollars in banks. It's probably in the banks. Then who has the most gold? The US financial institutions have the most gold. The gold in each country is eventually in their central banks or financial institutions. There are also private companies, but there aren't many.

Everyone, there is something that this is a preview. You have to think about what the nature of the bank business is. Banks are not ruined, and putting money in banks is the same as putting money in national institutions. Banks and national institutions sometimes cooperate, but there are many times when they conflict with each other.

Historically, banks may have a much larger concept than the state. If you look at Europe, banks are almost like the Catholic Church. There was a separate kingdom and the land of the main owners, but the banks were more transcendent than that. If you say sovereignty, that's what the modernization process is.

The central bank was created, and the bank went under the state, but the instinct remains. In other words, unless it's a total socialist or a total communist country, banks are a tool that must survive even if the country is ruined. You can think of it as such a gene.

It's very unfamiliar to Koreans, but the state is the ultimate. Banks survive more than the state? Is that so? Old banks in Europe have survived longer than the state. Banks have that instinct. Banks eventually collect the most reliable assets.

The assets of the banks are not theirs, of course. But what is a bank license? It's a bank license to use someone else's assets as your own. Only banks can do that. Can you save money in a bank and tell someone to turn it off and not to turn it off?

You can't. The bank does it on its own. When you ask for it back, you just have to give it back. So the concept of bank assets is not to be confused with bank capital. Bank capital is their pure asset. The bank's assets are entrusted to the bank by all the people who use the bank.

So the banks are compensated for all the money they pay. There are many reasons why, but the most important thing is to survive in the bank. In any case, the bank's gene is that the state survives even if it is ruined. That's because it's developed in the bank.

So the director of the bank in the United States, the director of the bank didn't say, "You have the bitcoin you love. You can't zoom in like that. By storing these expensive things in the bank, you have to make it a basis for your profits in any way."

Otherwise, the bank is a pawn shop. What is a pawn shop? You're doing it for the warehouse. You leave it and go find it when you want. Banks are different from pawn shops. What's the difference? The pawn shop keeps what it's left behind.

If you come to find it, you get it yourself and give it back. What's the difference with the bank? I lend it to someone else with what I've left behind. I lend it to someone else with what I've left behind.

I'm going to take the surgery from there. This is a license that only a bank company can do. If we do it, it's going to be in the capital market law or something like that. Only banks can do it. This is the role of general banks.

Think about Bitcoin. Is it easy for ordinary people to deal with Bitcoin? Bitcoin is difficult. Think about the elderly. Why is it difficult? It's too dangerous to keep. He's so nervous about his own. So he leaves it to the bank.

What does the bank do? The bank lends it to someone else and makes a credit. It's so good for the bank, what they keep it and make a credit. There's another reason why ordinary people prefer to keep Bitcoin indirectly through the bank.

This is the key. Economists and your friends are Bitcoin's biggest drawback. That's why banks and financial companies like Bitcoin the most. The price volatility is like a shit. What is this price volatility like a shit from the perspective of a financial company?

It's the source of profit. How about the financial company? Sell it when it's expensive. You can buy it when it's cheap. Is it possible because the financial company is a *dosa*? Of course, they're similar to us.

I don't know exactly, but it's more likely than us. If you keep playing coin tossing games, we're bound to lose to the bank. Why is that? Banks have a direct or indirect impact on the market to some extent. That's because banks have a boundary.

That's why gold miners can't operate like Bitcoin miners. The bank is not the only one that *markets*. Banks also create markets. In fact, it's the bank in the United States. The Federal Reserve System, the central bank, is also a bank.

You understand that it creates a market, right? You're talking about raising and lowering interest rates. You're just swinging the stock price. It directly affects the market. Of course, it's not like the central bank. The financial network plays that role.

So, the ants can win once. You can win against the bank once or twice. If the winning rate is tilted in the field, if the winning rate is to put Bitcoin and me in the bank and play a hedging game, sell it when it's expensive, buy it when it's cheap, and buy it back.

I'm going to play a game of 1 to 1 against the bank. Who's the winner? The bank wins. So it's a great gift for the bank. Gold is too boring for the bank. It's a little less volatile.

But Bitcoin is too volatile. It's a great source of income for the banks and the financial industry. Think about it. The main banks in the United States, Bitcoin is the source of income for major financial companies. So, the conclusion is, 

If that's the case, the US government, the top and bottom, the federal government, the president, will they stop Bitcoin? No. Why not? Conspiracy theory! Conspiracy theory that you like. Morgan Stanley, Rothschild, right?

They're all moving in the US. I'm not a conspiracy theorist. I don't believe in conspiracy theories. But one thing is for sure. The collective understanding of financial companies, it's true that it has a stronger impact on politics than anyone else.

So, the federal government is doing this to damage the collective understanding of financial companies. I don't do it easily. So, what is the situation in 2021? The US federal government is very intelligent. In 2014, I knew that Bitcoin was technically impossible to stop.

The US banks, such as Morgan Stanley and Goldman Sachs, knew that Bitcoin could be a new source of income in 2017. So, I think what is happening now is a perfect situation. People who have been saying that Bitcoin is impossible to stop are wearing tuxedos.

They can't say that Bitcoin is the source of trust. They can't say that Bitcoin is the source of financial innovation. So, they are making excuses. If you don't listen to them and look at their choices, what I just said will come true at some point.

Grandparents own Bitcoin and Ethereum indirectly through banks. Banks will operate Bitcoin and Ethereum to generate income from interest-free transactions. And they will generate a lot of income through hedge funds. And they have a license. So, my final conclusion is: who are the banks most afraid of?

Morgan Stanley, JP Morgan, National Bank of Korea, Shinhan Bank, and the Korean Bank of Korea, which is similar to the state-owned enterprises, who are the most threatened by banks? Who do you think is the enemy of banks?

Big Tech. Apple, Amazon, Kakao, Naver, Google are the enemies of banks. Who do you think will win? Big Tech. But what do banks have? They have a license. So, with technology and networks, banks that have survived for hundreds of years will lose this time.

Because they will lose to those who have smartphones and platforms. Google has all the personal information. Banks know better about you than Google. The answer is obvious. But Big Tech is hard to beat. Why? This is my guess. Because of the license.

Because the state is issuing a license, Big Tech couldn't move fast about Bitcoin. But if banks come to their senses, they will include Bitcoin and Ethereum as assets, and the more they collect, the more the state will protect them. So, banks will have their own area to do business,

and Big Tech will have its own area of business that is not taken away by the platform. I'm almost certain that financial companies will eventually treat Bitcoin and Ethereum as assets. That's all.

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