Monday, 8 June 2015

Why Bitcoin and PayPal Aren't Real Threats to the Big Banks

From The Street –

“As purchases with dollar bills give way more and more to digital transactions, are the country's banks at risk of experiencing the same fate as the vinyl-record stores of the 1970s and video-rental chains of the 1990s?

That was the question U.S. Comptroller of the Currency Thomas Curry posed Wednesday -- and answered firmly in the negative. The head of an office that oversees more than 1,600 banks with $10.9 trillion in assets, Currry argued that established U.S. banks will keep their competitive edge against online platforms such as PayPal and digital currencies like Bitcoin. Brick-and-mortar shops like Bank of America (BAC - Get Report), JP Morgan Chase (JPM - Get Report) and Wells Fargo (WFC - Get Report) can rest easy, he said.”

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