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@ Jon
2025-01-04 05:23:11The earliest days of banking occurred with blacksmiths who realized they could get paid for the storage of precious metals and people realizing the convenience of trading claims of the gold instead of the gold itself.
How long until one of the large exchanges find themselves in a similar spot? I can’t find the exact interview, but River’s CEO Alex Leishman said on a podcast that the majority of bitcoin purchased on the exchange are not withdrawn. It’s unfortunate more self-custody isn’t taking place, but in my mind it’s an inevitable conclusion to the stockpile of bitcoin accumulating in these exchanges.
River’s FDIC insured cash accounts that earn in sats and Strike’s ACH Bill Pay are some obvious examples of exchanges creeping in to the financial services / banking industries. I’m sure more are coming down the pipeline.
How many years do you think we are away from Bitcoin banking?