Ever since the origination of Bitcoin, there have been many critics in the traditional financial system who went after it as an alternative. They quickly attacked, saying that cryptocurrency is slow, expensive, and even supportive of anarchism. Traditionalists even credit all of the cybercrime, online terrorism, and more on the cryptocurrency industry as a whole, despite the fact that all of these issues have been around the traditional finance industry for years.
Many major players on Wall Street, like JP Morgan’s Jamie Dimon and economist Janet Yellen, have voiced their disdain for the cryptocurrency, even saying that the industry has no value. The crypto ecosystem has stood up for itself through every remark, but there is nothing quite as good as hearing someone from the opposition singing its praises, like Pat Chirchirillo.
Chirchirillo works for McAdam Financial as a financial advisor, and he recently threw his support behind cryptocurrency in a Twitter post. In the post, which quickly gained the attention of the crypto community, he said,
Bank of America just charged 10 dollars because I made more than 6 transfers between savings and checking this month. 6 transfers with crypto would cost about 30 cents. That's 3,233% more expensive
— Pat Chirchirillo (@PatChirchirillo) January 30, 2019
The phrase, “long Bitcoin, short the banks,” is a quote that was originally made notable by Anthony Pompliano, who is responsible for founding Morgan Creek Digital Assets and maintaining a loud voice in the crypto industry. Pompliano himself posted three “peeping” emojis, while followers of Chirchirillo and crypto community members quickly praised Chirchirillo for his post. Others went an opposite direction, verbally attacking Bank of America for their obscene fees for the simplest of transactions. Of course, a Ripple fan joined in, commenting that the fees would be under 5 cents, was Chirchirillo to perform his transaction with that platform.
Some took the time to criticize Chirchirillo’s actions with the bank, saying that he was in violations of regulations that would apply to multiple transactions. However, the main takeaway seems to be the restrictive and expensive nature of the traditional financial system, as opposed to the freedom offered in the crypto market.
Only days ago, Bitwise Asset Management collaborated with ETF Trends, performing research that ultimately discovered that most American financial advisors are actually bullish on Bitcoin. Bitwise allegedly polled 150 financial advisors of all categories. The bullish stance remained, despite a lack of demand for BTC and even a lack of participation in the market.
The openness expressed by Chirchirillo and many others on Wall Street is a good sign that the value of Bitcoin could rise again. In fact, over half of the survey participants revealed that they believe that Bitcoin’s value could rise an average of $17,000 in the next five years.
Cryptocurrency typically does not cater to the laws governing federal securities, because the entire goal is to settle and record payments, which is tracked on a decentralized network with whichever coin the user chooses. The settlements provide miners with a reward, which gives them an incentive to process transactions quickly for faster confirmation time. Each transaction’s fee is based on the number of resources that need to verify it, which is why Chirchirillo’s transaction fee would have been significantly lower.
Financial services through banks are still unavailable to 1.7 billion people in the world. Cryptocurrency creates opportunity, freedom, transparency, and sometimes profit to the users that adapt to it, which is why Chirchirillo’s experience needs to be shared.