Google Enters Banking Space, Will Bitcoin Be Threatened by the Search Engine Giant?
Google is making an interesting move by moving into the banking space. According to a recent report by the Wall Street journal, the tech giant will soon offer consumers checking accounts through a project that is code named Cache.
The project is expected to launch this upcoming year, and the accounts will be offered by Citigroup and credit union Stanford University. Caesar Sengupta, a Google executive, shared with the Wall Street Journal that the approach is going to partner deeply with banks and the financial system. He also noted that the path may be slightly longer, but it is also more sustainable.
Forbes then released an article titled Perhaps Google with Kill Bitcoin, After All. The article notes that cryptocurrencies are struggling to attract new users and to gain retail acceptance. Further, the factor behind bitcoin interest is price speculation. In addition, even though there has been concerns about data privacy and digital security related to Google, it still may pose a threat to Bitcoin.
It appears, though, that not everyone is convicted that Bitcoin is threatened by Google’s new foray into banking. For instance, Stephen Cole tweeted that Google’s checking accounts threaten Bitcoin just as much as a new post office threatened email.
A Google checking account threatens Bitcoin about as much as a new post office threatens email. https://t.co/4wAyaSknI5
— Stephen Cole (@sthenc) November 18, 2019
Additionally, a report by Bitcoinist indicated that there is no threat as well because Bitcoin continues to operate in an entirely different sphere of finance than traditional banking. It also added that those who invest in cryptocurrency are unlikely to want to remove their assets and place them into a new Google checking account.
At this point, what will occur to Bitcoin when Google launches its new checking accounts is mainly speculation. The only way to really know what will occur is to actually wait for the launch and to view how Bitcoin is impacted, if at all.