Looks like Denmark’s biggest bank, Danske, finally decided to drop their long-standing crypto ban after nearly eight years. They’ve come to see the potential in Bitcoin. With how the crypto market is trending and what customers are asking for, they’re now launching Bitcoin ETPs, and even including Ethereum too.
Even though Danske isn’t letting people buy Bitcoin or other cryptocurrencies directly, they’re rolling out ETPs (Exchange-Traded Products). This means investors can get involved in a regulated and safer way, which is great for more traditional investors.
What are your thoughts on this? Is this a real step forward, or are banks just trying to attract more crypto enthusiasts and investors?
Maybe I should say bad timing? This could have been effective when Bitcoin was pumping but anyways, we still have 2028 coming, this is still a good news to me regardless of banks trying to catch the trend too, its a win win i think.
At least for crypto, people in Denmark won't be in fear no more, they have a choice to make and nothing is been forced here, banks are free to do their thing and crypto investors also have their green light too, its win win.
It's good news for Bitcoin investors mostly in times like this when there's so much speculation ongoing and much revelation surrounding it's creation and use case. I must include it as a true adaptation and may see a strategic reserve bank on its behalf too.
The dip is another reason why a news like this would be a standout issue of volatility that would drive the price upwards soonest and with new adoption ongoing both in Denmark and other countries notably, Bitcoin continue to remain valuable and an investors solution to wealth accumulation and fulfillment.
TBH, I think it's just banks trying not to be left out in what should be a profit making process for them through crypto users and investors. It isn't truly what I can agree to be a real bitcoin adaptation in the real sense when I contrast it with self custody of bitcoin. Nevertheless, it's still a good news in terms of bitcoin growth and awareness.
If the bank still prohibits buying and selling cryptocurrencies via wire transfers, nothing has changed. bitcoin ETPs might be a good option for investors, they are not Bitcoin, they still cannot be withdrawn to wallets or used for payments.
There is no bad timing for bitcoin In fact any one adopted into bitcoin during its bullish cycles do not even know the benefit of bitcoin because they are mostly focus on the pump and when they are faced with little dip they are usually those who panic and sell, this kind of investors are easily those that fall into FOMO a lot. But for someone who saw bitcoin at his low and still got to buy I think they are the best set of people who might actually got the best entry.
Also what is happening in 2028? Bull run? You can have bull run starting even from this year there is no guarantee for when it is starting.
All this things are just banks trying to actually not allow their costumers or investors move to another platform and with the demand on bitcoin and crypto at large they dont have any choice other than this. But this is not even bitcoin itself I will advise caution for any danish who wishes to buy it
On one hand it is adaptation since we all know from history that banks and other traditional financial institutions always use a more conservative approach to integrate assets that are not directly under their control, shows crypto has grown so noticeable to be ignored by them.
It is quite obtainable that investors are now demanding crypto exposure and they have to loosen up a bit in a bid not to loose investors to native crypto platforms like exchanges. It is also a strategic move by not offering direct exposure to crypto, it enables them to maintain control within their own financial framework.
I believe more emphasis on the motive of retaining the clients who are very interested in crypto exposure and opening the door to more crypto enthusiasts and investors to get more exposure to crypto indirectly which is not a complete adaptation, just a partial one to expand their services and stay more relevant.
This is what the banks are doing now because this is the third that I have read on this forum in few weeks, the last two that I read were about banks allowing their customers to buy IBIT which is Blackrock ETF. I think it is not bad, it is left to investors to decide to learn more and know the difference between the real bitcoin and these others ones that are not directly bitcoin.
I'm so excited that now many countries are beginning to see the relevance of crypto and why bitcoin should be adopted, that is why in life it is more better to be slow in action than to be fast and make a wrong judgment over what we don't know much about, today you will discover that many countries now are lifting ban on bitcoin because they realize now that it is of utmost importance to them and they can't avoid it to reshape on the economy they wish to operate in such a standard they wanted it to be.
Did someone just say profit over privacy? Lol well it's pretty obvious what they did. They placed a ban on the biggest cryptocurrency on the planet simply because they don't like it based off their inability to centralize or control it. Suddenly they changed their minds and lifted the ban.
"If you can't beat the system why not just make profit off it? " This has become the new strategy for centralized bodies since they've seen it less profitable to fight bitcoin they claim to support it instead and make profit from it.
What I think actually about it is that first, many banks were afraid of bitcoin in the past. They think bitcoin will compete with fiat or with the bank. Some banks also think bitcoin is about criminal activities but later they started to know that it is not true totally true. But some banks still do not have access to allow their customers to buy bitcoin directly from them because of their central banks do not allow them.
Another thing is that the ETF and ETP have special likeness by banks and other centralized companies just because it is owned by companies that is following the government regulations. It is very possible that some banks are not allowed by their central banks to have access to bitcoin as a business but those ETFs and ETPs are allowed because they are directly not cryptocurrencies but as something like stocks that is following bitcoin price.
This isn't a true adaptation, but rather the bank's desire to profit from Bitcoin trading without actually adopting it directly.
Some people might have no problem investing their money in the ETP product provided by the bank. But an ETP is still an ETP, it's not real Bitcoin, it's just a financial instrument that tracks Bitcoin's price on paper, it doesn't actually benefit the Bitcoin network.
So, the bank's move is purely for profit, not because they truly want to be directly involved in Bitcoin.
I think it is a very selfish move coming from the Bank that had Bitcoin on a ban for so long. If they announced the lifting of the ban it would have been different. At least put a break in between the lifting and the ETP launch. The way they did it, it seems like the ban was a selfish move until they found a way to profit off of it without directly supporting Decentralization and the one Currency that puts their business under risk.
They now see the potential in Bitcoin? Or they found a potential for THEIR business to grow more?
The link you provided is not complete. I wanted to read the full story as to know if they are only offering ETP and did not still allow other financial institutions to deal with crypto by allowing citizens from the country to buy and hold on their private wallets instead of just regulated and controlled investments, which tend to detect and decide for them.
Such a statement from the Head of Investment Products & Offerings at Danske Bank could have two sides to it. First, because he understands the system, it could be a positive adaptation, as it doesn't require people to make decisions but rather provides education.
On the other hand, as someone in a position at the bank who focuses solely on achievement, he might want profits and performance to remain stable.
Of these two points, I believe and hope that the first side can be realized, as they deserve the best from this.
What's true adaptation, by the way? If it's joining others banks and financial institutions to make money from the growing popularity of Bitcoin and crypto, then it is true adaptation. But if it means believing in the function and future of Bitcoin as money, then it's fake adaptation.
When these banks "realised the potential of Bitcoin", I'm sure they aren't referring to its potential as a decentralized, peer-to-peer, immutable, censorship-resistant currency. They're simply referring to its potential to give them profit, hence the release of traditional financial products based on Bitcoin and not Bitcoin itself.
Bank definitely want to increase interest among their users to buy BTC through them as an intermediary since they don't want to offer direct bitcoin buying and instead through ETP and they just want to make more revenue.
I doubt they suddenly liked bitcoin but it's definitely an adoption on their end even if they put the BTC bought by users in their custody.
At least their stance has been softened and it's possible that maybe within 3-5 years that things evolve and there might be bitcoin custody service.
Bankers hated Bitcoin when they had no control over it.
Today Bitcoin price is manipulated by Wall Street, and many exchanges requiere KYC... of course banks now are "changing their minds", it is a power game.