Fearful Banks Show Negative Bias Toward Crypto Investors

July 20, 2019 15:00 UTC

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.

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.

Enlarged image of the letter sent to the CEO of RBC | Source: Twitter

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.

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.

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.”

The email to the CEO of RBC may not tip the scale. However, it definitely adds to the growing momentum powering bitcoin and cryptocurrencies.

Last modified: July 20, 2019 14:29 UTC

@kirilnikk123

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has a bachelor's degree with a specialty in finance and lives in Canada. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. He owns Bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading. Follow the author on Twitter @kirilnikk kirilnikk123@gmail.com