JPMorgan And Kayne West Proving The Need For Cryptocurrency
It seems like, with each passing day, we have more evidence of the need for cryptocurrency.
Are you familiar with Kanye West? This guy is either a billionaire or very close to it. He is also a controversial figure as most hip hop artists are. Evidently, he has the tendency to upset some people.
That said, it appears the latest skin he got under was JP Morgan.
Now before going any further, we need to highlight this is a bank. JP Morgan is one of the largest investment banks in the world. It also, through its ownership of Chase, is one of the biggest depository institutions in the United States.
To say it has some power is an understatement.
It was also one of the banks used by Jeffrey Epstein, who ran an underage child prostitution ring. Obviously, this guy met the requirements to be a customer of the bank.
Kayne Told To Take A Hike
Unless one pays attention to the exploits of Kayne, which I do not, his latest incident didn't register. Nevertheless, in light of some of the past customers of JP Morgan, the latest move by the bank is surprising.
Now it is cancelling Kayne.
The bank made an announcement that West has a month to remove his funds. It doesn't like his antics and his ties to the far right.
So they decided to cancel Kayne.
Certainly, the United States has a problem with the love of celebrities. Personally, I could care less about these people. What is important however, are institutions that want to trample over the rights of people. It is likely that most disagree with Kanye's view on, well, everything. The guy appears to be lost. He is self proclaimed mentally ill, something most could agree upon. Yet, for some reason, he is a commercial success.
Whatever the feelings about West, this is a bank that was comfortable holding money for Epstein. Another notorious figure was Bernie Madoff, head of the largest Ponzi scheme in US history. Guess where he had funds. JP Morgan.
And lest we forget, Chase was the bank that funneled funds of the Third Reich to South America to avoid FDR's ruling to freeze German assets.
Perhaps the bank is cleaning up its act.
Of course, we might have to overlook the ship that was found to have $1.3 billion in cocaine on it in 2019. That was owned by JP Morgan.
The Need For Cryptocurrency
A situation like this is one of the fundamental motivations for cryptocurrency. Satoshi Nakamoto original vision for Bitcoin was a monetary system that was outside the reach of bankers. Here is an example why.
The bottom line is if JP Morgan will go after a billionaire, the rest of us are like fish in a barrel. A prime example was the bail-in that took place in Cyprus a number of years back. During that episode, people were not given the choice to remove their funds. Instead, they were given a 10% haircut.
In other words, it was simply taken from their account.
Cryptocurrency solves this problem.
We often discuss the idea of replacing the banking system. Digital wallets satisfy the banking needs for 90% of the people. It allows people to send, receive, and store money. This simple premise is what most people use depository institutions for. Sure, when we get to the investment banking level, things are different. However, the local branch provides few services outside of that for the majority of customers.
The fact that Chase has the ability to kick Kanye out is the problem. It shows a structural issues that comes with financial intermediaries. The fact that Kayne is likely a very bad apple shows the need for defense of this. When companies are able to place arbitrary rulings on individuals, the targets become very subjective. History is littered with examples of this. It is tyranny no matter how much it is justified by the hatred for the individual or what he/she stands for.
Cryptocurrency doesn't get into any of this. Blockchain is agnostic. It is completely neutral in terms of the operation. There is no consideration to the person, association, gender, or anything else. The only variable is whether the private key is accessed. If so, the wallet can be opened and transactions go through.
This is just another example of why cryptocurrency is so important.
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