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Why Big Banks Flip on Bitcoin

 

“If you can’t beat ’em, join ’em!” seems to be the new motto of Jamie Dimon and his giant bank, JPMorgan Chase & Co., which have changed their tune and are now starting to accept bitcoin businesses as clients, beginning with Coinbase and Gemini, two cryptocurrency exchanges.

This information came out in the Wall Street Journal[1] on Tuesday, May 12—the first day of Harvest News, which is of prophetic significance in the timing as well as in light of Revelation 18’s description of the fall of Babylon in financial terms. It also comes the day after bitcoin’s “halvening.” JPM/Chase is also working on its own dollar-equivalent cryptocurrency for managing the money held in its own bank, which could be partly why they are finding it in their best interest to cooperate with crypto exchanges.

However, it is likely that there is a more tactical explanation for this apparent change of attitude on the part of this big bank. Emphasis is being placed on the fact that both of the cryptocurrency exchanges involved are heavily regulated. That means this shift could provide not only an impetus for more US-based cryptocurrency activity and a hedge for the bank against the hyperinflation of the dollar, but it could even lead to a situation where the regulations or circumstances get tight enough for the banking cartels to lay claim to the crypto assets held in the wallets of the exchanges.

To emphasize the point, PYMNTS.com speaks of the coronavirus pandemic as sparking “mainstream” interest in bitcoin,[2] in connection with Tuesday’s news about JPM/Chase. This interest in bitcoin is obviously directed at hedging losses due to the economic impacts of the virus, which means bitcoin could become a vehicle for partially securing the economy.

The way this would take shape is no different than how gold was taken from US citizens in the past. According to Wikipedia’s summary of Roosevelt’s 1933 executive order, the justification for the action was no different than it is today:

The stated reason for the order was that hard times had caused “hoarding” of gold, stalling economic growth and making the depression worse.

The exact same argument against hoarding gold could also be made for bitcoin, and JPM/Chase’s involvement in handling the US dollar accounts for Coinbase and other exchanges could lead to a situation where such a giant has the leverage to carry out such a maneuver, if a similar executive order were to be issued.

This highlights the original struggle that caused the founders of Coinbase to part ways: who actually controls the wallet where your bitcoins are stored? Ben Reeves, the programmer that started Coinbase with Brian Armstrong, wanted the end-user (the owner of the bitcoin) to have the keys and be in full control of their Coinbase wallet. Armstrong, on the other hand, wanted Coinbase to retain the keys and maintain the wallet on behalf of the end-user.[3] The latter approach, of course, makes it possible for Coinbase (or a large bank that it might be indebted to) to seize bitcoin and other crypto assets in the blink of an eye, should the law so require.

NOT YOUR KEYS, NOT YOUR COINS! (Revelation 0:1, Crypto Bible)

As individual members of the world economy, every single person who holds money should be made aware of God’s weapon against the modern-day Babylon and against the powers that have nigh succeeded in their work to eliminate the middle class and enslave the poor. Her god is money, and with it she keeps the world under her control through debt, but the call of God is, “Come out of her, my people!”[4] Move extra assets away from the fiat currencies that are being inflated by trillions of dollars left and right, and invest in the hard currency of bitcoin, which is now harder than ever after the third halving[5] of its mining yields. In so doing, you keep your personal funds under your own control so the financial heavyweights cannot diminish its value with reckless money printing, and this way it will still be available and worth something for you to do good with it and help your neighbor as the world economy grinds slower and slower.

Every time you’ve done your business, transfer your bitcoin assets to your own private and secure wallet. Don’t let it sit in the digital equivalent of a safe deposit box. One of the beauties of cryptocurrency is that it is as tiny as information can be, so take advantage of that and secure it wisely. Don’t make Azazel the gardener!

4.
Revelation 18:4 – And I heard another voice from heaven, saying, Come out of her, my people, that ye be not partakers of her sins, and that ye receive not of her plagues. 
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