Is Bitcoin the Answer to Trump’s ‘Generosity’ Towards Banks?

Big Bank savings under the Trump tax cut: JP Morgan: $8.8 billion Bank of America: $7.6 billion Wells Fargo: $6.5 billion Citigroup: $4.6 billion Morgan Stanley: $2.7 billion Goldman Sachs: $2.3 billion TOTAL: $32 billion That’s enough cash to end world hunger for a year. — Public Citizen (@Public_Citizen) January 17, 2020

Bitcoinist reported on the wealth gap yesterday stating that the 2,153 wealthiest billionaires, many of whom are bankers, have more wealth than 4.6 billion people combined. And Banks Give Us What Exactly? All of this raises a very pertinent question that what exactly do banks give back to the people? Of course, there is a $30 charge for going one penny into overdraft, $10 for a stock transaction, next to negative interest for savings accounts and 20% interest rates for credit cards. Add to that the massive fees on foreign exchange services, and an estimated $400,000 paid back in total over the lifetime of a mortgage for $200,000 borrowed and it is clear who the thieves are in this situation. With the global national debt exceeding $250 trillion these profiteering banks are adding to it by printing more money to justify their existence. The US and China alone have accounted for 60% of the increase in global debt in recent years led by a surge in borrowing. No matter what politicians say, this is totally unsustainable and the increasing wealth gap will eventually lead to a global economic meltdown and revolution. Bitcoin Solves This A huge paradigm shift is needed and this will spur ‘the great wealth transfer’ in which millennials will inherit the wealth from the richest generation in history, the boomers. An estimated $68 trillion will be passed down from boomers over the next 30 years and millennials are already distrustful of banks following the fallout of the 2008 financial crisis. This means that there will be massive investment in crypto and bitcoin. DeFi is also likely to play a much larger role in the new financial world as it does not entail billionaire bankers enriching themselves off people’s monetary misery. Will bitcoin solve the banking crisis? Add your comments below. 

Images via Shutterstock, Twitter: @Public_Citizen The post appeared first on Bitcoinist.com.

source: https://bitcoinist.com/is-bitcoin-the-answer-to-trump-generosity-banks/

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