The advent of Bitcoin and cryptocurrencies along with all other uses of blockchain technology isn’t exactly sitting well with traditional institutions. Though unsurprising, some of these firms are publicly speaking against cryptocurrency and would do everything within their power, to tackle the sector.
This situation was again brought to the fore when Anthony Pompliano, a founder and partner at Morgan Creek Digital, posted a screenshot of an email sent to the CEO of the Royal Bank of Canada (RBC) from an unhappy client.
Notably, the email begins with an announcement that said customer would be severing ties with the bank.
“I am afraid things are just not working out between RBC and us. We have decided to take our business elsewhere…our recent experience with RBC has been nothing short of horrible, and we just can’t deal with all the nonsense anymore. We’ve been disappointed for a long time and this is the last straw.”
The sender then goes on to explain that the bank ‘s decision to consider him, his family and business as “suspicious” despite being customers for decades with huge amounts, is offensive.
“My wife…has been a customer of RBC her whole life, so are her parents, siblings and their…family business. I have personally been a RBC customer for 12 years. We were also customers of yours through our last venture…with about $50 million in the account at one point. Heck, we are even RBC shareholders. If the Bank doesn’t know us by now, I don’t know what else to do.”
According to the sender, it would make sense for someone with such a long history with the bank to be treated with a little more respect but apparently, that wasn’t the case. The sender adds:
“The fact that we are considered ‘suspicious’ customers because of our crypto holdings is nothing short of insulting. I am without words. There is absolutely no way we can continue doing business with an institution who believes [it] can dictate what we can and cannot do with our money. This is simply unacceptable and inexcusable to us.”
The sender then admits to have “a very significant amount of crypto holdings” which is held legally and is not used for anything illegal like money laundering or drug dealing and this is probably the major problem.
Before stating categorically that they would like to terminate their relationship with the RBC, the sender put in a paragraph about banks and their fear of crypto.
“It is clear that the banking industry is feeling threatened by Bitcoin and honestly, it should be. It is the competition it deserves. Banks have abused their power for way too long and treating customers like criminals because they hold crypto is just another example of this. I cannot wait to see The People taking that power back, because the current system is broken.”
This will probably not be the last time an event like this will occur. As long as there is still a cryptocurrency sector, the traditional financial institutions will still do everything they can to suppress. However, this is nothing to crypto proponents and will do next to nothing to deter adoption of digital assets.
Just like the sender ends his email “Long Bitcoin, Short The Bankers.”