Fearful Banks Show Negative Bias Toward Crypto Investors
Banks are afraid of bitcoin and some of them are responding in a way that’s driving customers away. On July 18, founder and partner at Morgan Creek Digital Anthony Pompliano shared on Twitter an epic email from a disgruntled client that was sent to the CEO of the Royal Bank of Canada (RBC). The letter is the latest example of how people are fed up with the poor service provided by banks, especially toward crypto investors.
Customer Describes Experience with RBC as ‘Horrible’
At the start of the email, you will immediately see how the customer severed ties with the bank in a straightforward manner. In the first paragraph, the client wrote:
“[Our] recent experience with RBC has been nothing short of horrible, and we just can’t deal with all the nonsense anymore.”
Apparently, the person has been disappointed for some time already. The bank’s most recent shenanigans were the straw that broke the camel’s back.
Someone I know sent this EPIC email to the CEO of @RBC Bank.
Nothing like cutting off your relationship with a bank and signing off “Long Bitcoin, Short the Bankers!” 🔥 pic.twitter.com/HAy6fItZSA
— Pomp 🌪 (@APompliano) July 19, 2019
The email continued with an expression of frustration on the part of the client. The customer mentioned:
“We need our bank to be a partner we can rely on who will help us be successful both personally and in business.”
According to the client, RBC has been the exact opposite. The person then listed the hurdles faced while dealing with the bank including the cumbersome processes involved in day-to-day checking on top of the difficulties in acquiring a checking account for a family trust that runs a daycare.
Customer Flagged as ‘Suspicious’ Due to Substantial Crypto Holdings
After outlining their long-standing and extensive relationship with the bank, the client expressed their dismay for being flagged as “suspicious” for owning cryptocurrencies. The person then wrote,
“There is absolutely no way we can continue doing business with an institution who believes [they] can dictate what we can and cannot do with our money.”
The customer continued the letter by explicitly stating that they do not use their cryptocurrency holdings to launder money or deal drugs. The person then threw shade at banks by stating,
“Ironically, banks have been fined billions of dollars over the last few years over this.”
The client ended the letter with an epic phrase popularized by Anthony Pompliano himself,
“Long Bitcoin, Short the Bankers.”
CryptoTwitter Applauding the Former RBC Client
As of this writing, Anthony Pompliano’s tweet has received close to 3,400 likes, around 900 retweets, and roughly 300 comments. Most of the comments were expressions of solidarity against banks and banksters. For instance, a pseudonymous account named Rhythm listed the fines to the tune of billions of dollars paid by large financial institutions for money laundering.
Fines for JUST the laundering of money:
Wachovia – $160m
Deutsche Bank – $670m
Bank of Australia – $700m
ING – $900m
Citigroup – $237m
Standard Chartered – $967m
Commerzbank – $1.45b
HSBC – $1.9b
JPMorgan – $2.05b
And they all used the US DOLLAR, not bitcoin. 🤔
— Rhythm (@Rhythmtrader) July 18, 2019
Another crypto enthusiast named Oz the Crypto Elephant replied how banks will go the way of VHS cassettes and flip phones, which are considered as vintage novelties that a few people hold onto.
Banks will end up like VHS cassettes and flip phones, vintage novelties that a few luddites will cling to. #Metrix $MRX $BTC
— Oz the 🐘 Crypto Elephant (@kryptomic) July 19, 2019
Browsing through the comment section of the tweet, it appears that banks should be afraid. People are showing signs of discontent and in their frustration, they are taking action. Banks may not listen now, but as Anthony Pompliano elegantly stated,
“Eventually, they’ll get the point when customers start leaving.”
Eventually they’ll get the point when customers start leaving
— Pomp 🌪 (@APompliano) July 19, 2019
The email to the CEO of RBC may not tip the scale. However, it definitely adds to the growing momentum powering bitcoin and cryptocurrencies.